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Tongaat Hulett enters business rescue as lenders run out of patience.

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Struggling sugar producer Tongaat Hulett, which is choking on a SA debt pile more than ten times its market value, is heading for business rescue after failing to get a nod from lenders on its restructuring plan.

The group needs R1.5 billion as it services roughly R6.3 billion in SA debt and continues its sugar milling season, but it said on Thursday that lenders, after advancing R600 million, now want this repaid.

27 Oct 2022 9AM English South Africa Business News · Investing

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