DURBAN – Vision Party has confirmed to the Business Rescue Practitioner (BRPS) of Tongaat Hulett Limited (THL) that it has secured credit approval to meet the balance of payment obligations paid to the lender group.
“This allows the vision parties to complete the acquisition of claims held by a consortium of lenders that funded THL before entering business rescue,” he explained THL in a statement on Wednesday (April 2, 2025).
Vision's outstanding payment obligation to the lender group will be discharged through the facility's credit line.
“The credit approval obtained by the Vision parties further demonstrates the truthfulness of the previous claims of the lender group and the Vision Party that the Vision Party was able to fulfill all payment obligations to the lender group in terms of the Vision Business Rescue Plan (Planning),” the statement said.
“The Vision Party has notified BRPS of its lender group's request and consent to acquire it to extend the payment date for the balance of final purchase consideration from March 31, 2025 to April 30, 2025.
“This extension is required to enable the necessary contracts that govern drafting and approval of credits to be executed.
“This marks a pivotal milestone in the successful implementation of the plan and reinforces the BRPS' belief that the plan will remain viable once again.”
THL said, along with BRPS, it recognizes the journey as difficult for all involved.
“THL's rescue is complicated in part by many inappropriate court proceedings brought about by a small number of creditors who sought to curb the successful implementation of the plan,” the statement said.
“Since approval of the plan, all applications discussed in the High Court have been rejected at costs awarded in favor of THL and BRPS.
“Despite these challenges, BRPS will expand its appreciation to all our stakeholders, focusing on ensuring sustainable outcomes that protect the future of our business, its employees, growers, suppliers and communities.”
THL said the successful implementation of the plan represents a new chapter in businesses with an extensive economic footprint in Kwazulu-Natal, Zimbabwe, Mozambique and Botswana.
“Considering Kwazulu-natal alone, supporting 25,500 jobs in the surrounding rural communities and sourcing sugar from 15,000 small-scale growers, the ongoing survival of THL is important for the local and national economies,” the statement said.
