
Tongaat Hulett Limited is seeking an extension and increase of its post-commencement funding facility from the Industrial Development Corporation, after delays in securing the funding derailed its business rescue implementation. This funding impasse has led to the collapse of Tongaatโs restructuring plan, including a US$330.05 million debt-to-asset transaction, and has pushed the company closer to liquidation proceedings. Business rescue practitioners have applied for provisional liquidation, with the High Court in South Africa expected to hear opposing applications this week. The failure to implement the rescue plan was due to Tongaatโs inability to generate sufficient revenue over nine months to December 2025, which undermined its ability to refinance the IDC facility. This was exacerbated by increased competition from imported sugar into South Africa. Despite the financial strain, liquidity management has remained relatively stable. RGS Group Holdings Limited, a former rival bidder, has opposed the liquidation application, stating it has secured a fresh term sheet with the African Export-Import Bank for a US$280 million facility. The liquidation hearing is set for Thursday at the Durban High Court.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.

The Karo Platinum Project is progressing as planned, with the group actively clearing the open-pit area and advancing crucial infrastructure works. These efforts are aimed at mitigating execution and operational risks, thereby ensuring the project remains on schedule for its anticipated production start in 2027.
Must ReadThe 2026 conflict involving the United States, Israel, and Iran has revealed that hosting American military bases in Gulf nations like Saudi Arabia, Jordan, Bahrain, Qatar, the United Arab Emirates, and Kuwait no longer guarantees national security. Instead, these bases have made host countries prime targets for retaliatory strikes, challenging the long-held belief that a US military presence deters regional threats. During the conflict, Iran targeted infrastructure within Gulf states housing US troops, including radar installations, personnel sites, data centers, energy facilities, and desalination plants, rather than directly attacking the US homeland. This created an asymmetric security dilemma where Gulf populations bore the consequences of US policies. The conflict also led to significant economic disruption, with multinational corporations withdrawing from the Middle East, projected GDP losses of $120 billion to $194 billion for Gulf states, and a 27% drop in international tourist arrivals. The redeployment of US THAAD and Patriot anti-missile systems from Gulf states to Israel further exposed the conditional nature of US alliance commitments, leaving Gulf airspace vulnerable. The article suggests that Israel's asymmetric influence on US Middle East policy prioritizes Israeli security interests, often at the expense of Gulf states. A comparison of security strategies shows that Kuwait, with full alignment to the US, suffered extensive damage, while the UAE, balancing it