Agroprocessing company Tongaat Hulett has established a restructuring committee as an additional subcommittee of its board of directors to oversee and approve negotiations and the consensual development of a plan to reduce and repay debt to sustainable levels.
It will also be tasked with improving the liquidity of the company and developing a plan to restructure the company’s current capital structure, including the recapitalisation of the company by various means.
In addition, Tongaat Hulett has introduced the role of a chief restructuring officer and appointed Piers Marsden to the role. He will be responsible for the development and execution of the liquidity plan and the restructuring plan and will provide recommendations to the board in connection with both plans.
Marsden will also serve as the chairperson of the restructuring committee.
Other members of the committee are nonexecutive directors Jean Nel, Andile Sangqu and Graham Clark, as well as executive director Rob Aitken.