The proprietor of Jack and Jill supermarket in Nairobi Ahmed Noorani has been told to wait longer before taking any action against a businessman who owes him Sh167 million, The Standard reported. High Court judge Francis Tuiyot said Friday businessman Rajendra Sanghani's insolvency case must be determined before Noorani can take actions. Sanghani owes Noorani Sh167, 270,500 as the balance for a Sh477,100,000 unsecured loan advanced between August 1, 2012 and April 26, 2018. He filed for restructuring at the High Court and sought interim orders under Section 304 of the Insolvency Act.

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 reported. A majority judgment by the Constitutional Court‚ written by Justice Chris Jafta‚ was delivered on Thursday and ruled that the policy was flawed.

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 reported. The South African company has informally sounded out potential buyers for Pepco including private equity firms, said the people, who asked not to be identified as the plans aren’t public.

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.

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, Bloomberg News reported. “All these monies were wiped out,” Mkhize said in an interview at Bloomberg’s Johannesburg offices on Friday.

The most important passage in Steinhoff International Holdings NV’s regulatory filing late Friday, was a section attesting that management still believes the retailer is a going concern. A formality for most companies, Steinhoff’s confidence that it can keep the lights on isn’t self-evident. The acquisitive South African group’s shares have lost almost all their value and its bonds trade at a steep discount following a warning of accounting regularities and the resignation of its chief executive, which triggered a liquidity crisis in December, a Bloomberg View reported.

Steinhoff International Holdings NV may have to compromise with creditors over the length of a debt-payment extension plan to win support for a deal that may keep the embattled retailer afloat, according to people familiar with the situation. The owner of Conforama in France and Mattress Firm in the U.S. is negotiating a two-year payment delay with bondholders and lenders that would include zero cash interest, said the people, who asked not to be identified as the talks are still ongoing, Bloomberg News reported. The South African company initially proposed a three-year payment postponement.

Mozambique moved closer to becoming a player on the fast-growing global market for liquefied natural gas, eight years after the first major deep-water discovery there, Bloomberg News reported. The development of hydrocarbon resources is crucial for the southern African country, which has struggled this year to service its debt. While the LNG projects will require tens of billions of dollars in funding and take years to develop, they offer a way to stimulate growth in one of the world’s poorest countries. Exxon Mobil Corp.

The Executive Board of the International Monetary Fund will examine debt-crippled OPEC member Congo Republic's request for a bailout on July 6, according to an IMF calendar seen by Reuters on Wednesday. Like other central African oil producers, Congo has been hit hard by low crude prices and is struggling under the weight of over $9 billion in debt, equivalent to around 110 percent of its gross domestic product, the International New York Times reported on a Reuters story.

Steinhoff, the global retailer embroiled in South Africa’s biggest ever corporate scandal, sought an urgent extension to talks with creditors over restructuring its debt, the Financial Times reported. The company, which discovered a multibillion-euro black hole in its accounts last December that wiped $15bn from its shares, said on Wednesday that it might have to place its European operations into “local reorganisation procedures” if creditors did not agree to another three weeks of talks on restructuring by Friday.