Vision's 'take it or walk-away with nothing' no longer the only option for interested parties.
It appears there is still light at the end of the tunnel in the Tongaat Hulett saga following a major development for the beleaguered sugar producer a significant lifeline has been presented to the business rescue practitioners that could save the company from potential liquidation and offer a more favourable outcome for both shareholders and creditors.
The interested party has proposed that an R8 billion capital injection be used to fully settle the claims of creditors - including settlement of 100% of unsecured creditors' claims and approximately R550 million to settle the South African Sugar Association's statutory claim against it for outstanding levies.
A further allocation of 10% of the share capital is to remain in the hands of the current shareholders, which would represent four times the value offered by the Vision Consortium.
A welcome alternative to Vision's predatory plans
This story is from the July 23, 2024 edition of The Citizen.
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This story is from the July 23, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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