UPDATE 1-South Africa’s Land Bank in talks with lenders after debt default

UPDATE 1-South Africa’s Land Bank in talks with lenders after debt default

South Africa’s Land Bank told
lawmakers on Wednesday it was negotiating with a consortium of
lenders to try to restructure its debt facilities after it
defaulted on 50 billion rand ($2.7 billion) of loans in April.
The Land and Agricultural Development Bank of South Africa
(Land Bank), the country’s largest agricultural-focussed lender,
was downgraded by Moody’s in January and last month missed loans
repayments, leading to defaults on its credit facilities and
spark