TONGAAT HULETT WORKERS TO GET DECEMBER PAY, 13TH CHEQUES, SAYS UNION UASA

WORKERS at Tongaat Hulett, which is in business rescue, will receive their December salaries and 13th cheques following a business rescue consultation last week, according to trade union Uasa. Abigail Moyo, the spokesperson for Uasa, said in a statement yesterday: “While it is pleasing that the company managed to secure money for salaries and 13th cheques, its financial state remains of concern.” According to reports last month, Tongaat Hulett needs R1.5 billion to service roughly R6.3bn in debt and to continue its sugar milling season. Last week, a grower-led consortium of all Tongaat Hulett-supplying growers announced that they had submitted to the business rescue practitioners an Expression of Interest in acquiring the ailing Tongaat Hulett business. On the growers’ proposal, the Tongaat Hulett business rescue team said: “The business rescue plan will be presented at the end of January 2023, when we will update the market in detail on the process.” Meanwhile, a meeting of shareholders in respect of the remuneration of the business rescue practitioners is to be convened virtually on Friday. |