Steinhoff International Holdings NV said it has secured enough money to keep its businesses running in the immediate term and can now start talks with a broader group of creditors, Bloomberg News reported. The troubled South African retail group has arranged new credit lines for units in the U.K., U.S. and France as well as agreeing a restructuring of its Austrian division, it said in a presentation published on its website. The announcement came after a meeting with creditors in London on Friday to discuss progress stabilizing the business since it uncovered accounting irregularities on Dec.

Zimbabwe’s finance ministry is planning comprehensive reforms of all the nation’s state-owned companies, including liquidation, forming joint ventures and the outright sale of some businesses, Bloomberg News reported. The government will seek input through the ministries under which the respective state entities fall, Finance Minister Patrick Chinamasa said in a statement handed to reporters in the capital, Harare, on Tuesday. Zimbabwe’s state-owned companies have long been a drain on the country’s finances, said Chinamasa.

South Africa appointed a new board at struggling utility Eskom Holdings SOC Ltd., with Jabu Mabuza becoming chairman, and ordered a new permanent chief executive officer to be named within three months. As well as the appointment of Telkom SA SOC Ltd. Chairman Mabuza, the government recommended former Land Bank chief Phakamani Hadebe as the acting CEO, it said in a statement. The move, designed to strengthen governance and management, follows a meeting between President Jacob Zuma and other key ministers on Friday to address urgent challenges at the firm, Bloomberg News reported.

Retailer Steinhoff’s South African lenders have backed a move to prop up its troubled European operations with liquidity from healthier South African subsidiaries as the group scrambles to close a funding gap, Reuters reported. A first instalment of 60 million euros ($73 million) of a total 200 million it is seeking will be received this week, Steinhoff said in a statement on Thursday, adding it was seeking consent for further instalments.

There is a “clear danger” that South Africa’s state-owned power utility, Eskom Holdings SOC Ltd., could default on its debt, S&P Global Ratings said. “We are very concerned about liquidity issues,” Konrad Reuss, the managing director of S&P for sub-Saharan Africa, said at an event in Johannesburg Thursday. Eskom is the biggest recipient of state guarantees at a time when domestic power demand is the lowest in more than 10 years and as South Africa’s finances buckle under lower tax revenue and rising debt, Bloomberg News reported.

The oil price has hit $70 a barrel, its highest level in more than three years, but that’s not proving much help for a country which generates 95 per cent of its foreign earnings from petrodollars. Angola, sub-Saharan Africa’s third-largest economy, began 2018 by scrapping the peg its currency, the kwanza, has with the dollar and warning of a potential renegotiation of its $40bn in external debt, the Financial Times reported.

The Private Sector Federation (PSF) has called for a review of the 2017 draft law on insolvency and bankruptcy, saying it is silent on some key issues, like how to handle cases of bankruptcy among individuals and NGOs, the New Times reported. Deus Kayitabarwa, the director of advocacy at the Private Sector Federation (PSF), explained that the proposed law mainly focuses on business enterprises, but is silent on how an individual or a non-governmental organisation goes bankrupt.

Angola has announced plans to ditch its currency peg to the dollar and restructure its debts, becoming the latest previously high-flying African country to bite the default bullet, the Financial Times reported. Jose de Lima Massano, the central bank governor, and Archer Mangueira, the country’s finance minister, announced at a press conference on Wednesday that Angola – the continent’s second-biggest oil exporter after Nigeria – would have to shift to a currency trading band and “renegotiate” its debts, according to wire reports.

For bond investors, Africa was a happy hunting ground last year. Its local-currency and dollar securities easily outperformed those of emerging markets overall as investors piled into a continent offering high yields and starting to recover from the commodity bust of three years ago. But risks abound, among them policy tightening in advanced economies, local and global politics, weakening currencies and another fall in oil prices, Bloomberg News reported. And then there is credit risk.

Kenya Airways will be almost 90 per cent owned by the Kenyan government and a group of 11 local banks under a restructuring deal to be unveiled on Monday, after the terms of a debt for equity swap for the lossmaking airline were agreed, the Financial Times reported. The Kenyan government will own 48.9 per cent of Kenya Airways and the banks 38.1 per cent after the debt-for-equity swap, agreed in principle in June.