Land Bank talking with lenders on debt after default

South Africa’s Land Bank told lawmakers on Wednesday it was negotiating with a consortium of lenders with the aim to restructure its debt facilities after it defaulted on R50 billion of loans in April.

The chairman of Land Bank told parliament the state-owned lender had every intention of honouring its financial obligations to service interest on its debt, which it has struggled to do due what it called “liquidity constraints”.

Source: moneyweb.co.za