In a dramatic turn of events at the KwaZulu-Natal High Court, the looming liquidation of sugar giant Tongaat Hulett (THL) has been temporarily averted. A last-minute funding agreement between the company and the Industrial Development Corporation (IDC) has provided a critical “stay of execution,” pushing the hearing for provisional liquidation to mid-June 2026.
A R200 Million Breather
On the morning of April 16, the court granted an adjournment after the IDC agreed to extend and increase its Post-Commencement Funding (PCF) facility. The facility, which previously stood at R2.3 billion, has been boosted to R2.5 billion and extended until 30 June 2026.
This injection of R200 million provides the immediate liquidity required to…