Durban – The Vision Parties have confirmed to the Business Rescue Practitioners (BRPs) of Tongaat Hulett Limited (THL) that they have secured credit approval to meet the balance of their payment obligations owed to the Lender Group.
“This will, in turn, enable the Vision Parties to complete their acquisition of the claims held by the Consortium of Lenders who had provided funding to THL prior to THL entering business rescue,” explained the THL in a statement on Wednesday, (2 April 2025), made available to The Bulrushes.
Vision’s outstanding payment obligation to the Lender Group will be discharged through the credit facility.
“The credit approval that has been obtained by the Vision Parties further demonstrates the veracity of both the Lender Group and Vision Parties’ prior assertions that the Vision Parties were able to fulfil all of their payment obligations to the Lender Group in terms of the Vision Business Rescue Plan (the Plan),” said the statement.
“The Vision Parties have informed the BRPs that they have requested, and obtained, the Lender Group’s consent to extend the date for payment of the balance of the final purchase consideration from 31 March 2025 to 30 April 2025.
“This extension is required to enable the necessary agreements that will govern the credit approval to be drafted and executed.
“This marks a pivotal milestone in the successful implementation of the Plan, and again fortifies the BRPs’ belief that the Plan remains capable of implementation.”
The THL said along with the BRPs they recognise that this journey has been arduous for all involved.
“The rescue of THL has, in part, been complicated by a number of ill-founded court proceedings brought by minor creditors who have sought to stifle the successful implementation of the Plan,” the statement said.
“Since the approval of the Plan, all of the applications that have been argued in the High Court have been dismissed with costs being awarded in THL and the BRPs’ favour.
“Despite these difficulties, the BRPs extend their gratitude to all stakeholders who have remained committed to and focused on securing a sustainable outcome that safeguards the future of the business, its employees, growers, suppliers, and local communities.”
The THL said the successful implementation of the plan will represent a new chapter for the business, which has an extensive economic footprint in KwaZulu-Natal, Zimbabwe, Mozambique, and Botswana.
“THL’s continued survival is critical for the regional and national economies given that in KwaZulu-Natal alone the business employs 2 600 people, support 25 500 jobs in surrounding rural communities, and source sugar from 15 000 small scale growers,” the statement said.
