THE FINANCE GHOST: When the balance sheet breaks

Business rescue: two words that no equity investor wants to read. To be fair, creditors don’t want to see it happen either. The biggest winner in this process is usually the business rescue practitioner. If things go well, the staff hang onto their jobs and the business doesn’t disappear from the market altogether.

The latest example is Tongaat Hulett, the embattled sugar company that has been a victim of alleged accounting misstatements, a once-in-a-lifetime pandemic and a province that appears to have angered all the gods, ancestors and, quite frankly, every mysterious being you can think of. The KwaZulu-Natal economy has suffered huge setbacks in the past couple of years and Tongaat Hulett is headquartered in the region with most of its operations there...

Source: News Formal (newsformal.com)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ROB ROSE: Why the banks pulled the plug on TongaatAfrica’s largest sugar producer is in business rescue and its banks clearly need convincing that it's worth saving, writes robrose_za.
Source: FinancialMail - 🏆 20. / 63 Read more »

Lenders defend pulling Tongaat fundingCane growers in KZN face an uncertain future as the sugar giant and business rescue practitioners miss payment deadline.
Source: SundayTimesZA - 🏆 47. / 51 Read more »

Gauteng government considers selling properties to cover e-toll debtThis follows the pronouncement by minister of finance Enoch Godongwana in his medium-term budget policy statement (MTBPS) that national government would pay 70% and provincial government 30% towards the debt. They will sell properties to cover e-toll debt and later come and lease same properties at an exorbitant cost neh? We are watching
Source: TimesLIVE - 🏆 28. / 59 Read more »

Eskom no longer forced to use 100% black-owned suppliersFinance minister Enoch Godongwana has published new preferential procurement rules for tenders, bringing an end to a previous requirement that said companies could be disqualified if they were not 100% black-owned. Don't tell me the dream is over! . . . . . . . . . . Yep... Sarcasm 🤔 Good move. Now the highest priority, which is restoring Eskom and getting it functional again can happen. ALL hands on deck now.
Source: mybroadband - 🏆 11. / 67 Read more »

Tunisia signs $74 million loan with Arab Monetary FundTunisia has signed a $74 million loan with the Arab Monetary Fund, a regional lender, to support public finance reforms, the central bank said on Friday, as the country suffers its worst financial crisis. “to support public finance reform” aka Up-in-Smoke.
Source: ReutersAfrica - 🏆 31. / 53 Read more »

Think small nukes and let the gas passI was having a hard time getting past finance minister Enoch Godongwana’s warning to Eskom this week that if the National Treasury was going to take over much of Eskom’s R400bn debt then he was going to require Eskom’s agreement to make big investments in “old and reliable” power technology, namely gas and nuclear, writes Peter Bruce. Bruceps protectpatriciamorganmashale Bruceps Not if chancellor house and their Russian mates have anything to do about it, they not ..
Source: SundayTimesZA - 🏆 47. / 51 Read more »