RCL Foods has withdrawn its application for an urgent interdict against on of Tongaat Hulett’s business rescue plans.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