South Africa’s (SA) Industrial Development Corporation (IDC) has told the Durban High Court it is willing to consider any credible plan to save struggling sugar producer Tongaat Hulett, as the company faces the possibility of liquidation.
Advocate Dennis Fine said the IDC is not tied to a single rescue proposal and remains open to engaging with other interested parties who may be able to step in.
The court heard that Tongaat Hulett’s business rescue practitioners have now applied for provisional liquidation, adding pressure to find a solution to keep the company afloat.
Fine noted that while the Vision consortium has put forward a plan and remains an important player, it is not the only option on the table.
“We are not married to the Vision plan. The IDC has made it clear it will engage with anyone prepared to come to the rescue of the company,” he said.
In the meantime, the IDC has made a further $12 million available to help keep operations running until the end of June, buying time as efforts to secure the company’s future continue.
–ChannelAfrica–
