South Africa

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Gulf Giants Talking With S. African Airways

Two United Arab Emirates airlines have held talks with South African Airways about a partnership that it says is needed to revive its business, City Press reported, citing the U.A.E. ambassador to South Africa. Talks between Emirates Airline and SAA, whi ...

Daily Headline - global.abi.org - 07/22/2018 - 23:33 - 0 comments

Steinhoff's Creditors Support Debt Lock-Up, Key to Saving Retailer

Steinhoff's creditors have agreed to hold on their debt claims for three years, the embattled retailer said on Friday, throwing a lifeline for the South African retailer caught in the throes of an accounting scandal, the International New York Tim ...

Daily Headline - global.abi.org - 07/22/2018 - 23:38 - 0 comments

Steinhoff Wins Creditor Support for Debt Restructuring Plan

Thursday statement. The shares gained 17 percent to 0.23 euros as of 4:57 p.m. in Frankfurt, where the ...

Daily Headline - global.abi.org - 07/19/2018 - 22:20 - 0 comments

Steinhoff Extends ‘Early Bird' Lock-Up Fee Deadline for Second Time

Steinhoff, extended for a second time on Wednesdaythe "early bird fee" deadline for creditors to sign a three-year agreement to hold off their debt claims, as the scandal-hit South African retailer battles to stay afloat, Nasdaq reported. Stein ...

Daily Headline - global.abi.org - 07/19/2018 - 01:28 - 0 comments

Steinhoff Seeks Backing for Three-Year Debt Restructuring Deal

Steinhoff International Holdings NV began seeking sign-off from lenders for a debt restructuring plan that will support the South African retailer’s balance sheet for three years and prevent a potential collapse, Bloomberg News reported. The owner of cha ...

Daily Headline - global.abi.org - 07/12/2018 - 01:18 - 0 comments

South African Airways to Seek Partner ‘Immediately,’ Union Says

South African Airways pledged to urgently begin a search for a private-sector partner to help turn around the troubled state-owned carrier and ease the burden on an already stretched National Treasury. The assurance followed an attempt by the Solidarity ...

Daily Headline - global.abi.org - 07/10/2018 - 23:54 - 0 comments

Policy on Appointment of Insolvency Practitioners Flawed‚ ConCourt Finds

The highest court in the country has sent the Minister of Justice and Constitutional Development back to the drawing board regarding a policy which is aimed at transforming the appointment of insolvency practitioners to redress past injustices, TimesLIVE ...

Daily Headline - global.abi.org - 07/08/2018 - 22:17 - 0 comments

Steinhoff Gauges Interest in European Retailer Pepco

Steinhoff International Holdings NV is gauging takeover interest in businesses including clothing chain Pepco as the scandal-hit retailer prepares for the next phase of a recovery plan, according to two people familiar with the matter, Bloomberg News rep ...

Daily Headline - global.abi.org - 07/04/2018 - 22:12 - 0 comments

Eskom Refutes Reports Of Debt Restructuring

Eskom on Wednesday dismissed reports that the company was restructuring its debt of more than R300 billion, IOL reported. “We remain committed to executing our approved borrowing programme,” said Andre Pillay, Eskom's group treasurer. “Eskom plans t ...

Daily Headline - global.abi.org - 07/04/2018 - 22:15 - 0 comments

South Africa Won't Bail Out Councils Hit by VBS Bank Collapse

South Africa’s government won’t bail out 13 municipalities that lost about 1.65 billion rand ($119 million) they invested in VBS Mutual Bank before it collapsed in March, according to Cooperative Governance and Traditional Affairs Minister Zweli Mkhize, ...

Daily Headline - global.abi.org - 07/02/2018 - 23:09 - 0 comments

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