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Podcast: First Take SA
Episode: Provisional liquidation application of Tongaat Hulett to be heard in the Durban High Court
Description: The Durban High Court is set to hear an application for the provisional liquidation of Tongaat Hulett today, marking a critical juncture for the 134-year-old sugar giant. Business rescue practitioners have brought the application after the collapse of a rescue plan approved by creditors in 2024, which aimed to sell the company to the Vision Group. The company's troubles began in 2019 with a devastating accounting fraud scandal, leading to a R12-billion write-down in value and exposing a debt burden of 6-point-6-billion rand. Despite entering business rescue in 2022, Tongaat Hulett has struggled to regain its footing, with the recent...