Business rescue: two words that no equity investor wants to read. To be fair, creditors don’t want to see it happen either. The biggest winner in this process is usually the business rescue practitioner. If things go well, the staff hang onto their jobs and the business doesn’t disappear from the market altogether.
The latest example is Tongaat Hulett, the embattled sugar company that has been a victim of alleged accounting misstatements, a once-in-a-lifetime pandemic and a province that appears to have angered all the gods, ancestors and, quite frankly, every mysterious being you can think of. The KwaZulu-Natal economy has suffered huge setbacks in the past couple of years and Tongaat Hulett is headquartered in the region with most of its operations there...
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
THE FINANCE GHOST: When the balance sheet breaksTongaat is another cautionary tale to investors in any overindebted company — and there are more than a few red flags to look out for, writes FinanceGhost.
Source: FinancialMail - 🏆 20. / 63 Read more »
Source: dailymaverick - 🏆 3. / 84 Read more »
Lenders defend pulling Tongaat fundingCane growers in KZN face an uncertain future as the sugar giant and business rescue practitioners miss payment deadline.
Source: SundayTimesZA - 🏆 47. / 51 Read more »
ROB ROSE: Why the banks pulled the plug on TongaatAfrica’s largest sugar producer is in business rescue and its banks clearly need convincing that it's worth saving, writes robrose_za.
Source: FinancialMail - 🏆 20. / 63 Read more »
Gauteng government considers selling properties to cover e-toll debtThis follows the pronouncement by minister of finance Enoch Godongwana in his medium-term budget policy statement (MTBPS) that national government would pay 70% and provincial government 30% towards the debt. They will sell properties to cover e-toll debt and later come and lease same properties at an exorbitant cost neh? We are watching
Source: TimesLIVE - 🏆 28. / 59 Read more »