Tongaat establishes restructuring committee, appoints chief restructuring officer
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.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation