Tongaat Hulett enters business rescue as lenders run out of patience
Tongaat’s lenders have not approved its restructuring plan, and the sugar producer has appointed Metis Strategic Advisors as it enters bankruptcy protection. SA’s largest sugar producer is battling with the fallout of an accounting scandal, flooding and riots in KwaZulu-Natal, as well as with its own operational inadequacies. Over 500 000 dependents and community members across southern Africa rely on Tongaat for their livelihood, but its operations in Botswana, Mozambique and Zimbabwe continue as normal.