May 20, 2020 / 7:42 AM / 13 days ago

South Africa's Land Bank talking with lenders on debt after default

CAPE TOWN, May 20 (Reuters) - South Africa’s Land Bank told lawmakers on Wednesday it was negotiating with a consortium of lenders with the aim to restructure its debt facilities after it defaulted on 50 billion rand of loans in April.

The chairman of Land Bank told parliament the state-owned lender had every intention of honouring its financial obligations to service interest on its debt, which it has struggled to do due what it called “liquidity constraints”.

Reporting by Wendell Roelf, writing by Mfuneko Toyana; editing by Jason Neely

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