Land Bank working to get out of debt default
CAPE TOWN - The Land and Agriculture Development Bank of South Africa said yesterday a R7 billion equity appropriation announced in the February 24, 2021 Budget would be applied to bring the bank out of a default situation.
“Land Bank continues to work with all of its lenders towards a Liability Solution that meets any conditions attached to this R7bn equity appropriation, and to bring Land Bank out of its event of default situation,” a statement said.
The proposed Liability Solution would not require the Land Bank to have a credit rating and the credit rating service conducted through Moody’s was terminated. The bank’s listed notes remained suspended until further notice. - Edward West