Bailout or bust for state-owned Land Bank
The Land Bank needs a R7bn government bailout to ease cash crunch, keep operating and meet needs of existing and prospective clients.
The Land Bank needs a R7bn government bailout to ease cash crunch, keep operating and meet needs of existing and prospective clients.
The SAA business rescue plan is ready for implementation, but there is still a question mark over who will pay R10bn to get the airline back in the skies.
Creditors of loss-making SAA approved a rescue plan on Tuesday, throwing the ball into the government’s court to come up with the cash to save the airline.
Steinhoff International Holdings NV’s annual advisory fees climbed 35% last year, pushed by costs related to a deal with creditors to skip debt repayments.
SAA recently took a decision to go into voluntary business rescue. The step removes the threat of the directors being sued by creditors for reckless trading – for now, at least.
Steinhoff International Holdings said it has asked creditors to agree to an extension of the lock-up agreement, delaying it to November 20 from October 20.
The advantages of Retirement Annuities when compared to that of the Trust confirm that should a trust not be the best suited vehicle, an RA can be the second best.
Steinhoff’s accounts are taking on the proportions of antiquity’s Gordian Knot.
The 2008 Companies Act is a fine piece of legislation. Importantly amongst its numerous objectives, it seeks to protect shareholders and creditors from abuse by directors.
The mounting debt commitments have increased Mozambique’s debt default risk substantially and a downgrade in the medium-term sovereign risk rating also appears inevitable.