Land Bank finally reaches agreement with lenders
The bank has been negotiating a debt restructuring since its 2020 default
06 September 2024 - 17:02
The Land Bank has reached a landmark agreement with its international and local lenders on the restructuring of its debt after several attempts over roughly the past four years.
The agreement will cure the bank's default on R40bn of its debt which occurred in April 2020. Its default on certain payment obligations triggered a cross-default on most of its debt. ..
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