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 a company during or after business rescue proceedings.
On the morning of 16 April, the day Tongaat’s provisional liquidation hearing started, the facility was extended to 30 June 2026 and increased from R2.3 billion to R2.5 billion.
Tongaat’s business rescue practitioners said this provides the necessary liquidity to support…