The Industrial Development Corporation (IDC) on Tuesday backtracked from its earlier threats to pull the plug on Tongaat Hulett’s R2.3bn business rescue funding, giving the once high-flying sugar producer a lifeline as the move would have forced it into liquidation.

On Monday morning, the IDC filed court papers threatening to demand the immediate payment of funding if a vote to approve or reject the Tongaat business rescue plans did not take place on Thursday...

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