Current preferred bidder status means nothing.
The business rescue practitioners of financially distressed Tongaat Hulett have confirmed that creditors will vote and have the final say on the proposed rescue plan for the JSE-listed sugar producer and property group.
“It is therefore not appropriate for us to provide detailed information on the current SEP process outside of the formal communications channels. “The BRPs are awaiting formal confirmation of the completion of the transaction and will communicate the way forward in due course and through the correct forums,” they said.
“They have done an extraordinary deal, facilitated by the IDC not allowing a value creative disposal process.
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