Lenders defend pulling Tongaat funding
Cane growers in KZN face an uncertain future as the sugar giant and business rescue practitioners miss payment deadline
06 November 2022 - 08:56
As the financial troubles at Tongaat Hulett hit the sugar industry hard, the company’s lenders have defended their decision to pull funding from the sugar producer, with some saying its restructuring plan was not viable. But they are working with business rescue practitioners to provide funding for the rescue process.
Tongaat, which directly employs 2,500 people and during the peak of the sugar season provides more than 185,000 employment opportunities, went into business rescue last week after lenders declined to extend further funding...
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