TONGAAT HULETT BUSINESS RESCUE UPDATE – FUNDING SECURED TO END JUNE 2023, BUSINESS RESCUE PLAN EXTENDED
31 Mar 2023
- Post commencement funding (PCF) extended to end June 2023
- An extension of the business rescue plan publication date to 31 May 2023 has been approved by a majority of creditors
Tongaat Hulett Limited (THL) today announced that it has obtained an extension of the period of the PCF until the end of June 2023. This is anticipated to be sufficient for working capital purposes and provide comfort to employees and suppliers that payments should be made going forward.
In view of the confirmation of funding until June 2023, a majority of creditors has agreed to allow additional time until 31 May 2023 or the further development of a more detailed business rescue plan. This will allow the plan to contain information on a transaction and/or structure that the creditors will be asked to vote on. Discussions and negotiations are ongoing with various stakeholders. The current strategic equity partner process is also expected to result in final binding offers by 26 May 2023.