Land Bank Misses Important Deadline
Written by Mfundo on 1 April, 2021
The country’s largest agricultural lender, the Land and Agricultural Development Bank, missed yesterday’s debt restructuring plan deadline.
The state-owned company says this happened because it and its lenders and funders needed to incorporate a material change in the previous version of the liability solution.
Due of the Land Bank’s default in April last year on some repayments on its R50 billion debt, it suffered credit downgrades.
Government last year gave the bank a R3 billion bailout, followed by aR7 billion injection last month, March.