Efforts to save struggling sugar producer Tongaat Hulett are still underway, even as its possible liquidation has been temporarily put on hold.
The pause follows a government-backed funding agreement that will help the company continue operations until mid-year. The KwaZulu-Natal High Court has adjourned the provisional liquidation case to June 17 and 18, giving stakeholders more time to work on a rescue plan, Zululand Observer reported.
The funding support comes through an agreement between the Industrial Development Corporation, Tongaat Hulett and business rescue practitioners. The facility has been extended to June 30 and increased from R2.3 billion to R2.5…