Liquidation looms for Tongaat Hulett

PIETERMARITZBURG – Tongaat Hulett is shutting down following the collapse of its Business Rescue Plan. It follows the lapse of the sale agreement with Vision the company poised to take over. The Business Rescue Practitioners have approached the High Court in Pietermaritzburg to place Tongaat under provisional liquidation. The company entered business rescue in October…

Tongaat on brink of collapse, again

Tongaat Hulett, a 134-year-old South African sugar maker, is on the brink of collapse again as its administrators prepare to place the firm into provisional liquidation. The joint practitioners for business rescue have applied to the High Court to discontinue their proceedings and place Tongaat into provisional liquidation after exhausting all reasonable options, the company…