Tongaat Hulett, a 134-year-old South African sugar maker, is on the brink of collapse again as its administrators prepare to place the firm into provisional liquidation.
The joint practitioners for business rescue have applied to the High Court to discontinue their proceedings and place Tongaat into provisional liquidation after exhausting all reasonable options, the company said in a statement on Thursday.
The move follows the collapse of the approved rescue plan after the sale agreements with its strategic partner Vision Group lapsed, it said.
Vision and Tongaat’s other strategic partner, the Industrial Development, have been in talks to secure funding but failed to meet certain deadlines, the sugar producer said.
