A catastrophic liquidation process for South Africa’s century-old sugar giant has been halted at the eleventh hour.
On Wednesday, the exact day a high-stakes liquidation hearing was scheduled to commence in the High Court of South Africa in Durban, the Business Rescue Practitioners of Tongaat Hulett Limited, the Industrial Development Corporation (IDC), and the Vision Group of companies concluded a binding tripartite agreement.
On the strength of this deal, the administrators formally withdrew the liquidation application in front of the presiding judge.
The agreement averts the threat of provisional liquidation, which was initiated by administrators in February after Vision and the IDC initially failed to…