Tongaat Hulett BRPs welcome High Court's dismissal of RGS’s third urgent application
The business rescue practitioners (BRPs) of Tongaat Hulett have successfully opposed further High Court proceedings instituted by RGS Group Holdings in the KwaZulu-Natal Division of the High Court (Durban).
The Durban High Court on September 16 struck RGS's latest urgent interdict application off the court roll for lack of urgency, ordering RGS to pay Tongaat Hulett and the BRP's costs on the highest scale.
"This application is the third almost identical urgent High Court application instituted by RGS (in its own name), as part of RGS's ongoing campaign to frustrate the successful business rescue process of Tongaat Hulett," the BRPs note, adding that the first application in the Durban High Court was struck off the urgent roll earlier this year.
Significant progress has already been achieved by the BRPs in progressing the successful implementation of the business rescue plan that was approved and adopted in January 2024 by the majority of creditors.
"The BRPs remain of the considered opinion that the adopted plan is capable of being successfully implemented, which will result in, among other things, Tongaat Hulett’s long-term sustainability, the safeguarding of thousands of jobs and ensuring the stability of the sugar industry, the broader economy of the KwaZulu-Natal province, and the country as a whole," the BRPs comment.
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