Stay updated with breaking news from Voermol Feeds. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The business rescue practitioners say the proposal by Kagera – an unknown company from Tanzania – cannot be considered, but they have two more solid bidders in the bag.
The business rescue practitioners (BRPs) of financially distressed Tongaat Hulett have confirmed that creditors will vote and have the final say on the proposed rescue plan for the JSE-listed sugar producer and property group. The BRPs, Metis Strategic Advisors, were responding to questions from Moneyweb about the relevance of preferred bidder status in the business…
Current preferred bidder status means nothing.
Embattled sugar manufacturer Tongaat Hulett has advised that the meeting for creditors to vote on the amended business rescue plans of the group, as well as two subsidiaries, has been moved to September 30. The business rescue practitioners (BRPs) of Tongaat and subsidiaries Voermol Feeds and Tongaat Hulett Sugar South Africa convened a meeting of creditors on June 14, and voted unanimously in favour of the BRPs amending the business rescue plans to take into consideration recent development and to delay the voting on the plans.
The BRPs say only about 7% of creditor claims can be satisfied, as the division’s liabilities significantly exceed the value of its assets.