Tongaat Hulett, once the pride of the sugar belt and a 134-year-old industrial icon, has collapsed under the weight of mismanagement, scandal and shifting global markets ... The mills in Tongaat, Maidstone and Felixton have fallen silent.
While Tongaat Hulett Pty Limited’s (THL) business rescue practitioners (BRPs) seek liquidation, which they regard as a solution to the financially-ailing South African sugar producer, parties opposed to the move have filed court papers to block it.
Before the hearing of the provisional liquidation of Tongaat Hullet Limited (THL) starts in the Durban High Court, there are a few things that interested parties can still do to save the centennial company and 250 000 jobs.
“No one believes that Tongaat is right on liquidation and that the originally voted for business plan by the creditors should either be executed as voted for, or a new plan should be considered and voted for,” Hamilton said.
... step in to resolve the impasse in the business rescue process of Tongaat Hullets Limited (THL), he is indeed meeting stakeholders this morning ... He has extensively covered the Tongaat Hulett story.
More parties are set to join and oppose the application to liquidate Tongaat Hulett, which has been filed by BusinessRescue Practitioners (BRP) at the Durban High Court.