This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
Fin24 reports that the business rescue practitioners of distressed sugar producer Tongaat Hulett said on Tuesday the majority of its lenders had agreed to extend the date for the publication of its rescue plan to the end of January.
The extension of about two months comes as Tongaat also secured the advancement of initial amounts of post commencement financing, which has facilitated payments of salaries and certain critical suppliers and creditors. This financing was still subject to "the perfection of the general notarial bonds registered in favour of the lenders," Tongaat said in a business rescue update, with this referring to the identification of assets that will form as security for the creditors. Tongaat entered into business rescue, a form of bankruptcy protection, in late October. The fate of a firm which produces over 40% of SA's sugar has raised serious concern the livelihoods of tens of thousands of people as well as thousands of small and large firms that rely on the sugar producer.
- Read the original of the short report in the above regard at Fin24
Get other news reports at the SA Labour News home page