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.
On Thursday, the Bank said it expected defaults to occur on about R738m of obligations that fall due between Thursday and the end of April.
The group said it was engaging with lenders with an eye to postponing payments.
gernetzkyk@businesslive.co.za
Land Bank confirms default on R50bn of debt
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.
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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.
On Thursday, the Bank said it expected defaults to occur on about R738m of obligations that fall due between Thursday and the end of April.
The group said it was engaging with lenders with an eye to postponing payments.
gernetzkyk@businesslive.co.za
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