Simon Cleasby News Today

The grower-led consortium says it has not heard from the business rescue practitioners about its proposal to acquire the sugar giant’s key assets

Sugarcane farmers in Zimbabwe’s Lowveld region have expressed concern over the corporate rescue process of Tongaat Hulett South Africa, saying the recent resignations of the company’s directors “is a show of no confidence” in the business rescue plan and its likelihood to succeed which could impact on local operations. The farmers, who deliver nearly half…

Its been described as viable and ‘having merit’ – but the business of extracting businesses from a business that is in business rescue is likely to be quite complex.

Tongaat Hulett declared financial distress last month and began a voluntary business rescue process, leaving thousands of cane growers unpaid.

However, its still in talks as to how to fund these plans.

NewCo expresses interest in the troubled sugar and property company to protect sugarcane suppliers.