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BL Premium reports that financial support for struggling sugar producer Tongaat Hulett has been extended until June, which will allow it to pay employees and the growers who provide it with cane to mill.
The producer said on Friday that final binding equity offers to buy or support the business needed to be submitted by 26 May. The date for the publication of the business rescue plan, which was postponed to the end of March, has now been extended to May, so that the plan can contain more details. Much of the KwaZulu-Natal sugar farming industry relies on Tongaat Hulett’s survival. The company was put into business rescue, a process designed to stabilise and save a business from bankruptcy, as it cannot cope with its R6bn debt. The group first received short-term funding to keep afloat, while in business rescue, from the Industrial Development Corporation in December. Tongaat has not disclosed how much money has been received to date and how much more has been promised. The sugar producer remains suspended from the JSE as it has not released its 2022 financial statements as required by the bourse’s listing requirements. Several former company executives face charges of fraud for allegedly producing false and misleading statements.
- Read the full original of the report in the above regard by Katharine Child at BusinessLive (subscriber access only)
- Read too, a report at Fin24
Get other news reports at the SA Labour News home page