Tongaat Hulett’s liquidation hearing has been postponed after a deal was reached between the sugar giant’s business rescue practitioners and the Industrial Development Corporation (IDC). This deal relates to the Post-Commencement Funding (PCF) facility between the IDC, Tongaat and its business rescue practitioners. A PCF facility is funding secured by a business rescue practitioner for…
Spirit Airlines’ exit from bankruptcy appears to be in jeopardy amid multiple reports that its liquidation could be near as the result of spiraling war-driven fuel prices. A Wednesday hearing in U.S. Bankruptcy Court in New York designed to win approval of the airline’s reorganization plan was adjourned until April 23, according to court records.…
Tongaat Hulett’s liquidation proceedings have been halted after the company received further funding, allowing it to extend its business rescue proceedings. The company was set to enter liquidation proceedings, but it received an extension of the Post-Commencement Funding (PCF) facility from the Industrial Development Corporation (IDC). The facility has been extended to 30 June 2026…
Tongaat head office stripped of expensive paintings and antiques ahead of a possible visit by liquidators. Photo supplied. Tongaat Hulett escaped liquidation on Thursday after the Industrial Development Corporation (IDC) agreed to increase its funding to R2.5-billion, allowing mills to open and 3.8 million tons of cane to be processed. More than 18,000 growers –…
Tongaat head office stripped of expensive paintings and antiques ahead of a possible visit by liquidators. Photo supplied. Tongaat Hulett escaped liquidation on Thursday after the Industrial Development Corporation (IDC) agreed to increase its funding to R2.5-billion, allowing mills to open and 3.8 million tons of cane to be processed. More than 18,000 growers –…
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Founded in 2021, MJ Motorsport Limited has ceased trading following a loss of funding, resulting in the company being voluntarily wound up, as first reported by The Herald. According to filings on Companies House, the business was founded by Michael Johnston, who was the only director of the firm, and was described as conducting “sports…
Tongaat Hulett’s creditors face uncertainty as liquidation hearing progresses MSN Read the original article here
Merchant City Distributors Limited, based in Kelvin Industrial Estate, ceased trading and made all 18 of its employees redundant. The closure follows 25 years in business and has been blamed on “detrimental supply chain issues” that left the company with no viable future. James Stephen and Ben Peterson of BDO have been appointed as joint…