Embattled sugar manufacturer Tongaat Hulett has advised that the meeting for creditors to vote on the amended business rescue plans of the group, as well as two subsidiaries, has been moved to September 30.
The business rescue practitioners (BRPs) of Tongaat and subsidiaries Voermol Feeds and Tongaat Hulett Sugar South Africa convened a meeting of creditors on June 14, and voted unanimously in favour of the BRPs amending the business rescue plans to take into consideration recent development and to delay the voting on the plans.
The creditors in March initially approved an extension of the publication of Tongaat’s business rescue plan, as well as that of the subsidiaries, until the end of May.
Tongaat says 85% of the total claims of creditors of Tongaat, 94% for Voermol and 78% for Tongaat Hulett Sugar, voted on these motions.
Meanwhile, the creditors of Tongaat in May voted in favour of the business rescue plan for the company’s property arm, Tongaat Hulett Developments, which is to be wound down.