Frustration is growing over the debt restructuring of Land Bank, with noteholders saying that each successive proposal “degrades their position further” and increases uncertainty over repayment.

Land Bank defaulted on debt service costs a year ago, precipitating a restructuring process with creditors. It is the first time the Treasury has had to deal with a complex debt restructuring of a state-owned enterprise (SOE) and the process is being watched keenly by the market, as it may set a precedent for much larger SOEs, such as Eskom, which is drowning in debt approaching R500bn...

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