Sugar producer Tongaat, whose debt pile is more than tenfold its R545 million market value, has now received board approval for a proposed restructuring plan, saying on Friday it will now start talks to get the necessary nods from various stakeholders.
After multiple delays Tongaat Hulett's board has signed off on a restructuring plan, which the firm says needs to be run by relevant stakeholders.
Tongaat on Friday did not go into any significant detail of its restructuring plan, and it has said previously all options are on the table, including a capital injection by some or all of its strategic partners, or a disposal of some or all of its non-SA operations. "The company is engaged in ongoing negotiations to determine the availability of such facilities," it said.
Tongaat said on Friday that it has delivered an improved milling and sugar production performance, relative to previous seasons, and it is also experiencing strong local demand in its sugar businesses. The Mozambique sugar operations delivered excellent results, it said.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.
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