A last-minute Tongaat Hulett rescue with Robert Gumede's Vision Group and the state IDC has pulled the 134-year-old sugar company from liquidation.
SOUTH AFRICA · BUSINESS
Key Facts
—The deal: A binding agreement on 17 June pulled Tongaat Hulett back from liquidation, hours before a Durban court was due to wind it up.
—Who: Robert Gumede’s Vision Group, the company’s dominant creditor, struck the rescue with the state-owned Industrial Development Corporation.
—The terms: The IDC will take 40% of Tongaat’s South African sugar operations in return for continued financial backing.
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