South Africa

Cement producer AfriSam on Tuesday successfully completed a years-long restructuring programme that reduced its overall debt by more than R15-billion, Engineering News reported. The group, which faced a significant debt burden and almost defaulted on ...

Daily Headline - global.abi.org - 04/02/2013 - 20:46 - 0 comments

A surge in personal loans, credit-card debt and overdrafts in South Africa has regulators sounding the alarm, and many of the country's banks are beginning to dial back lending amid fears that Africa's largest economy is nearing a dangerous cre ...

Daily Headline - abi_admin - 12/27/2012 - 13:18 - 0 comments

One of South Africa's two satellite networks last week filed for "business rescue," a new legal mechanism designed to save and rehabilitate distressed companies rather than liquidate them, The Deal Pipeline reported. That goal may be w ...

Daily Headline - global.abi.org - 11/07/2012 - 22:08 - 0 comments

Indebted miner Great Basin Gold on Thursday said it was to acquire a $35-million loan by order of the British Columbia Supreme Court, following its Companies Creditors Arrangement Act (CCAA) filing made on Wednesday, MiningWeekly.com reported. The compan ...

Daily Headline - global.abi.org - 09/20/2012 - 20:33 - 0 comments

Great Basin Gold Ltd said its South African unit Southgold Exploration filed for creditor protection a week after it suspended operations at its Burnstone mine, Reuters reported. Great Basin suspended production at the mine in the Witwatersrand Goldfield ...

Daily Headline - global.abi.org - 09/18/2012 - 22:06 - 0 comments

Three international banks that backed out of $10 billion debt restructuring talks with an investment company controlled by Dubai's ruler said Thursday they are now pursuing legal action against the firm, dashing hopes of a consensual deal, The Sea ...

Daily Headline - global.abi.org - 09/13/2012 - 23:44 - 0 comments

Platinum Australia (PLA), the ASX-listed platinum miner with all its operations in SA, has now sought refuge from its creditors in voluntary administration. That means there could be some assets up for grabs for mining companies still in the ring, the ...

Daily Headline - global.abi.org - 07/23/2012 - 21:23 - 0 comments

China intends to extend renminbi loans to other Brics nations, in another step towards the internationalisation of its currency, the Financial Times reported. The China Development Bank will sign a memorandum of understanding in New Delhi with its Br ...

Daily Headline - global.abi.org - 03/07/2012 - 22:52 - 0 comments

(Africa, South Africa) bankruptcy,insolvency,headlines,articles,legislatives,debt,resources,insol,Africa,South Africa 2011 American Bankruptcy Institute. All rights reserved. Global Insolvency portal provided by American Bankruptcy Institut ...

Resource Article - abi_admin - 10/12/2011 - 10:14 - 0 comments - 1 attachment

In South Africa the landscape upon which Insolvency Practitioners (IPs) are required to practise is still undergoing major revision, both in regard to legislation and policy. Appointment of IPs IPs are appointed by the Master of the High Court ( ...

Resource Article - abi_editor - 05/05/2011 - 16:50 - 0 comments - 1 attachment