DURBAN - Tongaat Hulett may have secured a last-minute lifeline. Business rescue practitioners confirmed a deal with the Industrial Development Corporation and Vision Group.
The agreement paves the way for Tongaat to keep trading. It also extends funding support to September 2026, and moves it closer to exiting business rescue.
It will also see the IDC take a significant stake in Vision’s operations across Southern Africa.
Vision, meanwhile, will step in to settle creditor claims and acquire key assets.
It follows years of failed negotiations and comes after Tongaat filed for provisional liquidation earlier this year.
Business rescue practitioners say will withdraw the liquidation application in court.
The focus now shifts to finalising the transaction and stabilising the business for long-term recovery.