JOHANNESBURG (Reuters) – South Africa’s Land Bank has reached an agreement with its lenders to cure its debt default, the South African government said on Friday.
The state-owned agricultural bank defaulted on its debt in April 2020 and missed a restructuring deadline in March 2021. It had failed to agree a “liability solution” to emerge from default until now.
“This… provides a basis for the bank’s turnaround and rebuilding of its essential role in the South African economy and the agricultural sector in particular,” the government said in a statement issued on behalf of Land Bank.
The government said it would hold a news conference on Monday, Sept. 9, to explain the implications of the agreement reached and the bank’s future direction.
(Writing by Bhargav Acharya; Editing by Alexander Winning)
