Reply to thread

Message: [QUOTE="Queen, post: 86555, member: 27"] A liquidation filing just yanked the rug from under Tongaat Hulett Limited’s rescue deal and put its Zimbabwe sugar empire back on the chopping block. Liquidation move rocks Vision deal [LIST] [*]Tongaat Hulett Limited faces a court push toward provisional liquidation. [*]Gerhard Conrad Albertyn and fellow BRPs filed at the South African High Court. [*]Vision Group’s ZAR5.9 billion takeover could get scrapped. [*]Control would shift from BRPs to court-appointed liquidators. [/LIST] Zimbabwe units caught in crossfire [LIST] [*]Triangle Limited sits fully under Tongaat’s control. [*]Hippo Valley Estates Limited is majority-held through Triangle’s 50.32 percent stake. [*]Hippo trades on the Zimbabwe Stock Exchange. [*]Liquidation would dump Triangle into the asset pool for creditors. [/LIST] Debt mountain and rescue history [LIST] [*]October 2022 marked Tongaat’s entry into voluntary rescue. [*]Claims originally hovered near ZAR13 billion. [*]A court later pegged liabilities at ZAR10.4 billion. [*]Roughly 1,000 creditors are waiting in line. [/LIST] Rescue plan mechanics and breakdown [LIST] [*]January 2024 produced a debt-for-assets agreement with Vision. [*]The sale terms covered 100 percent of Triangle shares. [*]A Mauritian nominee under Vision would grab effective control. [*]Albertyn says there is no realistic path to save Tongaat. [/LIST] Funding squeeze and PCF strain [LIST] [*]Industrial Development Corporation supplied the PCF lifeline. [*]The existing facility has been largely tapped out. [*]Refinancing remains uncertain and unfunded. [*]Milling season could drain remaining headroom. [/LIST] Market pressure and industry drag [LIST] [*]Imported sugar volumes climbed as global prices dipped. [*]A stronger rand squeezed domestic protection. [*]Tariff adjustments lagged behind market shifts. [*]Sales volumes and margins slid while exports fetched lower prices. [/LIST] Statutory dues and reform delays [LIST] [*]The South African Sugar Association administers required payments. [*]Manufacturing allowance tweaks fell short of covering refining costs. [*]Proposed industry reforms remain stuck outside the gazette. [*]Tongaat is deemed commercially insolvent and unable to pay bills. [/LIST] [/QUOTE]

Name