on 27 October last year, after it could not pay back its lenders. According to the Companies Act, when that happens a business rescue plan must be published within 25 business days, but lenders or a court can decide otherwise.
In early November, Tongaat’s business rescue practitioners asked lenders to extend the time for publishing the plan by about two months until the end of January. The lenders agreed and the new publication date was 31 January.
In a statement on Monday, the BRPs said the required majority of creditors had voted in favour of an extension of the date for publication of the business rescue plan from 31 January to 28 February. In December, the sugar giant announced that it had received post-commencement finance — money given to a company in business rescue — from the Industrial Development Corporation. This undisclosed sum is to fund the working capital requirements and off-crop maintenance.
“This key step in the business rescue process allows the BRPs to focus on the next phase of the business rescue proceedings aimed at achieving successful business rescues for Tongaat Hulett and its underlying businesses,” the statement read.
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