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Land Bank confirms default on R50bn of debt

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The group defaulted on some obligations earlier in the week, but said then it had been insufficient to trigger a broader default

The Land Bank has warned those holding R50bn of its bonds that is is now in default, after failing to pay its obligations this week.

The Bank warned on Thursday it was at risk of a default, but had not yet reached a threshold required to formally trigger this. This had now occurred, the Bank said on Friday, meaning that after defaulting on some of its debt, default provisions for its other debt are now triggered.to occur on about R738m of obligations that fall due between Thursday and the end of April.

 

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