By Charmaine Ndlela
Tongaat Hulett has been pulled back from the brink of liquidation after its business rescue practitioners reached an agreement with the Industrial Development Corporation (IDC) and Vision Group to keep the 134-year-old sugar producer trading and proceed with its sale.
The agreement, reached on Wednesday, clears the way for the implementation of the company’s business rescue plan and the transfer of the company to Vision Group, while giving the debt-laden sugar producer access to further funding as the transaction is completed.
The business rescue practitioners withdrew their liquidation application in the Durban High Court after the agreement was concluded.
Under the deal, the IDC will extend post-commencement finance support to Tongaat Hulett until the end of September 2026 and convert its funding into equity as part of the rescue transaction. The IDC will become a significant shareholder in Vision operating companies across South Africa, Zimbabwe, Mozambique and
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