{"id":73506,"date":"2024-09-09T17:51:00","date_gmt":"2024-09-09T17:51:00","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/land-bank-repays-over-60-of-its-debt"},"modified":"2024-09-09T17:51:00","modified_gmt":"2024-09-09T17:51:00","slug":"land-bank-repays-over-60-of-its-debt","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/land-bank-repays-over-60-of-its-debt","title":{"rendered":"Land Bank repays over 60% of its debt"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Following years of difficult negotiations the Land Bank has reached a landmark agreement with its lenders to restructure its massive debt.<\/p>\n

The specialist agricultural bank defaulted on its R45-billion debt in 2020 with its financial position made worse by bad business decisions and poor governance.<\/p>\n

Government has announced a solution bringing to a close one of the most intricate and extended debt restructuring efforts in the country\u2019s financial history.<\/p>\n

In May 2020, the bank started a debt restructuring process referred to as a liability solution to cure the event of default. Four versions of the liability solution have been considered and rejected by lenders since then.<\/p>\n

The fifth liability solution now agreed on will see the biggest lender to farmers continue repayments of its debt to more than 50 local and international lenders.<\/p>\n

Since the debt default the bank has repaid over 60% of its debt.<\/p>\n

This means the bank\u2019s loan book has since been reduced to R17 billion.<\/p>\n

The deal which will take effect in a week\u2019s time also paves the way for the SOEs turnaround strategy.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Following years of difficult negotiations the Land Bank has reached a landmark agreement with its lenders to restructure its massive debt. The specialist agricultural bank defaulted on its R45-billion debt in 2020 with its financial position made worse by bad business decisions and poor governance. Government has announced a solution bringing to […]<\/p>\n","protected":false},"author":84,"featured_media":73505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-73506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nLand Bank repays over 60% of its debt - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/land-bank-repays-over-60-of-its-debt\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Land Bank repays over 60% of its debt\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Africa. 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