TONGAAT Hulett has filed for provisional liquidation after Vision Group failed to secure financing from the IDC, threatening South Africa’s entire sugar industry and potentially affecting 28,100 cane growers and millions of livelihoods across KwaZulu-Natal and Mpumalanga.
Business rescue practitioners in Tongaat Hulett on Thursday said the company had now filed for provisional liquidation, saying the Business Rescue Plan adopted by shareholders, creditors and other stakeholders last year was “no longer being implementable as a result of the lapsing of the Sale Agreements” with Vision.
“The adopted Business Rescue Plan, proposed by Vision and approved by creditors in January 2024, was premised on a debt to equity exchange, failing…