PIETERMARITZBURG - Tongaat Hulett is shutting down following the collapse of its Business Rescue Plan.
It follows the lapse of the sale agreement with Vision the company poised to take over.
The Business Rescue Practitioners have approached the High Court in Pietermaritzburg to place Tongaat under provisional liquidation.
The company entered business rescue in October 2022 after financial irregularities and governance failures weakened the company’s credibility and ability to secure funding.
Vision's rescue plan, approved by creditors in January 2024, relied on a debt‑for‑equity swap failing which an asset sale would follow.
The plan fell apart when Vision and the Industrial Development Corporation were unable to finalise the required funding.
With no extension granted, the Sale Agreements expired on 7 February.