News24 | RCL Foods withdraws application to interdict one of Tongaat Hulett’s rescue plans

Author Avatar

Staff Writer

Joined: Nov 2016

RCL Foods has withdrawn its application for an urgent interdict against on of Tongaat Hulett’s business rescue plans.

RCL Foods, the owner of Selati Sugar, says it will withdraw its application for an urgent interdict against one of the business rescue plans of Tongaat Hulett after engaging with that company’s business rescue practitioners.

RCL Foods had filed an application on Friday against the plan of the Vision consortium, viewing it as unlawful given that it “did not provide for a settlement of Tongaat’s statutory obligations.” But the group said in a statement on Sunday that the business rescue practitioners have agreed to changes.

Last week, amended plans for the company were released, and a new date of 10 January was set for a vote on the changes and possibly new ownership. In December, the Durban High Court ordered that the two rescue plans, released in November, could not be voted on in their current form.

South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we’re about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.

Next on Business

Seven business scandals that rocked South Africa in 2023

07 Jan


0 %

User Score

0 ratings
Rate This