Sweet Outcome: SASA Welcomes Adoption of Vision Parties’ Business Rescue Plan. Photo credit: Misha Jordaan, Gallo Images
By Cedric Mboyisa
The South African Sugar Association (SASA), a regulatory body for the sugar industry, has welcomed the creditors’ vote in favour of the adoption of Vision Parties’ business rescue plan, thereby averting liquidation and paving the way for the implementation of the plan.
“We are pleased that the business rescue process has produced a positive result. All industry stakeholders including government have been fully committed to saving Tongaat Hulett since the commencement of the business rescue process. The sustainability of the industry remains one of our core priorities,” said Advocate Fay Mukaddam, Independent Chairperson of SASA. Adv. Mukaddam added that SASA looked forward to working together with the new owners to ensure the successful implementation of the approved business rescue plan.
On 27 October 2022, Tongaat Hulett Limited (THL) announced that its South African sugar business and its property arm had entered voluntary business rescue as the company was financially distressed. The company appointed Peter van den Steen, Trevor Murgatroyd and Gerhard Albertyn of Metis Strategic Advisors as business rescue practitioners, who will now be in charge of the critical process pertaining to the implementation of the business rescue plan. THL has emphasised that the company “can only exit business rescue once the plan has been substantially implemented (which could take several months) or alternatively if it is no longer financially distressed”.