South African tycoon Robert Gumede wins reprieve for Tongaat Hulett as Durban court delays liquidation bid
Robert Gumede's Vision Sugar Group won court breathing room on April 17 to finalize a rescue plan for Tongaat Hulett, staving off liquidation.
Tongaat Hulett
Tycoon Robert Gumede's Vision Group is at the center of a fight that could kill South Africa's biggest sugar company
Robert Gumede's Vision Group holds R11.7 billion of Tongaat Hulett's debt, and a Durban court must now decide if the 134-year-old sugar company lives or dies.
Tongaat Hulett to sell Zimbabwe operations in $330-million deal amid currency woes
The deal will be executed via a debt-to-asset swap, a component of Tongaat's ongoing restructuring process.
Led by Gavin Hudson, Tongaat Hulett expects $13.8 million in losses in first half of 2021
Tongaat Hulett is a leading agri-business in sugar, ethanol, animal feed and cattle, with a significant footprint in Southern Africa.