Land Bank confirms default on R50bn of debt

The Land Bank has warned those holding R50bn of its bonds that is is now in default, after failing to pay its obligations this week.

The Bank warned on Thursday it was at risk of a default, but had not yet reached a threshold required to formally trigger this. This had now occurred, the Bank said on Friday, meaning that after defaulting on some of its debt, default provisions for its other debt are now triggered.to occur on about R738m of obligations that fall due between Thursday and the end of April.

Source: Loan Digest (loandigest.net)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EDITORIAL: Land Bank debacle points to failures of the stateLeft rudderless for too long, the company is now in a sorry state ... and this is the same state we are looking at to manage the covid-19 relief programme I wonder what's the relationship between the state of the LB now and the deals done prior years that gave a breath of life to one coop which has since bought a commercial banking licensing just across the value from the LB?
Source: BDliveSA - 🏆 12. / 63 Read more »

Mashaba claims SA debt will skyrocket with more loans from IMF, World BankThe People's Dialogue leader welcomed Tuesday night's address by Ramaphosa after he issued a variety of measures in place to mitigate the 'looming economic and humanitarian crisis'. With due respect, let's come up with solutions instead of anticipating the worst for the country It is actually a challenge to all. Govt policy on tenders must change in the light of COVID 19. A Covid plan, without compelling companies who were awarded a R50 million or more tender to invest 5% of it to a designated community, will be a fatality.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Inflation below midpoint of target strengthens case for Bank rate cutLockdown regulations have complicated the collection of upcoming consumer price inflation data
Source: BDliveSA - 🏆 12. / 63 Read more »

Bank of England warns of worst recession in centuriesBritain's economy has been ravaged by the deadly novel coronavirus, which now threatens potentially the worst recession in several centuries, the Bank of England warned on Thursday. Very possible, saw this one coming That's like a robber after robbing you multiple times saying 'I'm going to rob you again'
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Mashaba claims SA debt will skyrocket with more loans from IMF, World BankThe People's Dialogue leader welcomed Tuesday night's address by Ramaphosa after he issued a variety of measures in place to mitigate the 'looming economic and humanitarian crisis'. With due respect, let's come up with solutions instead of anticipating the worst for the country It is actually a challenge to all. Govt policy on tenders must change in the light of COVID 19. A Covid plan, without compelling companies who were awarded a R50 million or more tender to invest 5% of it to a designated community, will be a fatality.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

EDITORIAL: Land Bank debacle points to failures of the stateLeft rudderless for too long, the company is now in a sorry state ... and this is the same state we are looking at to manage the covid-19 relief programme I wonder what's the relationship between the state of the LB now and the deals done prior years that gave a breath of life to one coop which has since bought a commercial banking licensing just across the value from the LB?
Source: BDliveSA - 🏆 12. / 63 Read more »