Tongaat Hulett Limited’s business rescue practitioners have applied to the High Court of South Africa for provisional liquidation following the collapse of acquisition talks with the Vision consortium, a development that industry representatives warn could devastate the country’s entire sugar sector.
By Maile Matsimela, digital editor at African Farming
The joint business rescue practitioners (BRPs) announced they had “exhausted all reasonable endeavours” before approaching the KwaZulu-Natal High Court to discontinue business rescue proceedings and place the company into liquidation. The decision came after the business rescue plan became unimplementable when sale agreements with Vision lapsed on 7…