SUGAR PRODUCER
Uncertain future for Tongaat — and the communities it is part of
Tongaat has more than R6.3bn in excess debt that it cannot repay, which is increasing as interest mounts
27 October 2022 - 11:45
UPDATED 27 October 2022 - 23:00
The local operations of Tongaat Hulett have entered business rescue proceedings, throwing one of the biggest and oldest names in corporate SA into a new and uncertain future.
Directors needed to voluntarily place the SA operations in business rescue due to its severe levels of “financial distress”, which means the sugar producer is unable to repay lenders and does not have enough cash to run operations for the rest of the financial year...
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