Amended Tongaat Hulett business plan postponed
Work streams outlined in the initial plan will continue without interruption.
Creditors have voted to allow for a postponement of Tongaat Hulett Limited’s amended business rescue plan to September.
The first business rescue plan was presented at the end of May, with significant hopes for the future of the company put on the success of a full or partial sale thereof.
“The BRPs have always preferred to publish a business rescue plan containing details relating to specific transactions,” said the BRPs.
“Since the release of the business rescue plans, we have continued discussions with a range of parties and agreed that updating the business rescue plans with additional details in terms of the strategic equity partner process and other matters would be in the best interests of creditors before they are requested to vote. As is clear, the creditor bodies agreed with this.”
Eighty-five percent of the creditor base voted on the motion for postponement, with 100% of those who voted agreeing to the terms.
Work streams outlined in the initial plan will continue without interruption.
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