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The Industrial Development Corporation of South Africa Limited advance of a secured post-commencement finance facility to provide “oxygen” for Tongaat Hulett Limited

Fasken
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Overview

Client

The Industrial Development Corporation of South Africa Limited

Fasken advised The Industrial Development Corporation of South Africa Limited (IDC) on a transaction involving the advance of a secured post-commencement finance facility to provide “oxygen” for Tongaat Hulett Limited while it navigated a debt and equity restructuring solution. This avoided a total collapse into bankruptcy of Tongaat Hulett, which would have been catastrophic for all involved and affected stakeholders. A business rescue plan was adopted on 11 January 2024 and marks a significant step in the road towards achieving a viable solution that could restore the solvency of Tongaat Hulett. Most importantly, many thousands of direct and indirect jobs were secured and will be secured on the final implementation of the adopted business rescue plan.

The Fasken team was team led by Banking & Finance partner Lara Bezuidenhout and Corporate Restructuring & Insolvency partner Haroon Y. Laher and included Julia Hoffman and Orazia Adham.

Jurisdiction

  • South Africa

Team

  • Haroon Laher, Partner, Johannesburg, +27 11 586 6025, hlaher@fasken.com
  • Lara Bezuidenhoudt, Partner, Johannesburg, +27 11 586 6038, lbezuidenhoudt@fasken.com