Tongaat Hulett's business rescue: Vision Consortium secures funding for lenders

Tongaat Hulett’s Business Rescue Practitioners (BRPs) said they had received confirmation from the lenders, most South African banks, that they had received the balance of the funds owed to them by the Vision Consortium, the company that is taking over the struggling Southern African sugar group.

This follows the Vision Parties confirming to the BRPs in April 2025 that they had secured credit approval to meet the payments of the balance of their obligations owed to the Lender Group, to enable the Vision parties to complete the acquisition of the claims and security.

“This represents a significant step forward in the successful implementation of the BR Plan and reinforces the BRPs’ confidence in its ongoing viability,” the BRPs said in a statement.

The BRPs said they were continuing to implement the “Alternative Transaction,” which contemplates the sale of Tongaat Hulett’s operations and assets to Vision, as outlined in the Adopted Business Rescue Plan.

“All approvals from the relevant competition authorities have recently been secured, paving the way for the implementation of this final phase,” the BRPs said.

They said the successful implementation of the Adopted Plan would represent a new chapter for Tongaat Hulett, which significantly impacts the economies of KwaZulu-Natal, Zimbabwe, Mozambique, and Botswana.

“THL and the BRPs continue to work closely with all stakeholders to get this final phase across the line to secure a sustainable outcome that will safeguard the future of the business, its employees, growers, suppliers, and local communities,” the BRPs said.

Tongaat Hulett entered voluntary business rescue on October 27 due to severe financial distress caused by years of high debt levels, alleged financial misstatements, and mismanagement under its previous leadership.

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