Tiger Wheels under Provisional Liquidation

Tiger Wheels, the JSE-listed wheel manufacturer (Tiwheel), has gone provisionally into liquidation following an order from the High Court, which – the company reports – has appointed joint provisional liquidators.

South African news sources reported that earlier this year, the investment arm of the Nedbank group, Nedgroup Investments, served a notice of motion to apply for the liquidation of the company. The basis of this motion was based on Tiwheel’s liability on the financing of the property occupied by one of Tiwheel’s subsidiaries, ATS Light Alloy Wheels SA. Tiwheel agreed to underwrite any losses that the Nedbank group could incur in the financing arrangement.

The multinational ATS group went into liquidation, affecting its worldwide interests including the South African operation, which was now to be sold off either in part or whole.