Land Bank wants to split in two so that it can repay debt

The original article can be read here.

Article Highlights:

  • South Africa’s largest lender to farmers is asking creditors to approve a split of its operations in two to help repay debt over the next five years and claw its way out of a default position;
  • Cash proceeds from one business unit will go toward commercial borrowings before the unit is eventually wound down; and
  • he Pretoria-based company has been struggling to find a way forward since missing a loan repayment in April last year that triggered a cross-default in notes issued under a R50 billion bond programme.