South Africa's Land Bank close to completing restructuring plan after debt defaults

June 17, 2020 - Johannesburg, South Africa, Africa - South Africa's ailing state-owned agricultural lender the Land Bank said on Wednesday it was close to finalising a liquidity and debt restructuring plan after it missed loan repayments this year and saw its credit rating cut deep into subinvestment. In a statement the firm said the plan under discussion with lenders and the National Treasury would look to raise a 3 billion liquidity facility from lenders, extend terms of all debt maturing in the next 12 months, and consider "equity solution".
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