Tongaat sells more sugar than it produces, and it owes the industry the money to pay those who provided that sugar; the industry feels strongly that these are statutory obligations, and it has become a very ugly fight, a tragic situation – Dave Woollam, independent analyst.
JSE-listed Tongaat Hulett this week outlined its plans to loosen the more than R6bn debt chokehold it is in, including possible equity capital injections from strategic partners or the sale of some or all of its operations elsewhere in Africa.