The SA operations of Tongaat Hulett have entered business rescue proceedings as it cannot repay lenders who will no longer extend part of its debt.
The company is in “financial distress”, which meant directors needed to voluntarily place the SA operations in business rescue. The latter is a process designed to save the company from liquidation and keep creditors at bay...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.
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Highly unexpected for Tongaat Hulett to fold...