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In a move aimed at helping the debt-laden sugar producer map out a fresh survival plan, Tongaat Hulett has picked turnaround specialist Piers Marsden as its chief restructuring officer to help it close a painful chapter in its 130-year history.

The appointment last week of Marsden, who has a long history in guiding distressed businesses that include Cell C, Edcon and Ascendis Health through cash flow crises, came as it became clear that Tongaat is unlikely to push through an equity fundraising effort worth at least R4bn. About half of the rights offer would have been underwritten by privately held group Magister Investments...

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