ARM Cement Ltd. of Kenya has yet to reach an agreement with the International Finance Corp. about a capital injection in the struggling Kenyan company, Chief Executive Officer Pradeep Paunrana said. Business Daily, a Kenyan newspaper, reported Wednesday that the IFC had agreed to take over $120 million in loans in a bid to settle ARM’s more expensive debt, Bloomberg News reported.

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 union to end SAA’s reliance on state funding and push the airline into business rescue. The carrier hasn’t made a profit since 2011 and last year needed a bailout to avoid a default on borrowings, Bloomberg News reported.

Banks expect loan default rates to increase on the account of a volatile economic environment characterised by a weak shilling and rising inflationary pressures, according to the Bank Lending Survey Report released last week. According to the 2017/18 fourth quarter report compiled by Bank of Uganda, businesses that hold dollar denominated loans are likely to default because of persistent depreciation of the shilling against the dollar, AllAfrica reported. The shilling has depreciated by more than 7 per cent since the beginning of the year and is projected to weaken further.

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.

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.

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.