Tongaat Hulett enters business rescue process

Embattled sugar producer Tongaat Hulett on Thursday announced it will be entering a voluntary business rescue process due to financial distress.

“The board, in the interests of all stakeholders, has resolved to commence with voluntary business rescue proceedings for the company, as provided for in terms of section 129 of the Companies Act.

“The board believes this action is the most responsible in the circumstances and is reasonably likely to result in a better return to creditors than a liquidation.”