Business Maverick: Troubled Tongaat says secures IDC funding to complete season and prepare for next year

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Troubled sugar producer Tongaat Hulett, which entered business rescue in October, has acquired 'post commencement finance' from the Industrial Development Corporation of South Africa (IDC). This will enable it to finish out the current season with seed ...

Troubled sugar producer Tongaat Hulett, which entered business rescue in October, has acquired"post commencement finance" from the Industrial Development Corporation of South Africa . This will enable it to finish out the current season with seed capital to prepare for the next while the business rescue proceedings unfold.

“Post commencement finance” or PCF “is finance or credit granted to a company in Business Rescue and is regulated by section 135 of the Companies Act,” according to the Business Rescue Exchange. . to make Post Commencement Finance more attractive to investors and financiers.” There has been nothing sweet about the Tongaat saga, which includes allegations of missgvernance and corporate malfeasance. Seven people, including six former Tongaat executives, appeared in the Durban Specialised Commercial Crimes Court early this year on fraud and racketeering charges linked to company land sales. .

 

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