Land Bank closer to settlement with most of its creditors
The lender, which defaulted on R40bn in 2020, is confident of reaching a settlement with all parties by March 2023 at the latest
19 October 2022 - 14:08
UPDATED 19 October 2022 - 21:33
The Land Bank has finally reached an agreement with the majority but not all of its creditors and hopes to conclude a settlement by the end of the year or end-March 2023 at the latest, chairperson Thabi Nkosi said on Wednesday.
“[W]e now have a solution which enjoys the support of the majority of lenders ... we have been able to craft a solution that not only focuses on the repayment of debt but also has the long-term sustainability of the bank at its core,” Nkosi told parliament’s finance committee...
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