Private equity firm Kuramo Capital risks losing a total of Sh699 million worth of loans it had advanced to TransCentury, the parent company of East African Cables, which is facing a liquidation suit, Business Daily reported. Kuramo provided the loans between 2017 and 2018 and they were mostly secured by 56.7 million shares of the cables manufacturer with a current market value of Sh124 million. The PE firm gave the loans in its capacity as the controlling shareholder of TransCentury where it holds a 25 percent equity.

South African Airways finally secured the funding it needs to keep flying for the time being, yet there’s still a long way to go before the state-owned carrier can claim to be stable, Bloomberg News reported. SAA probably has enough cash to keep operating for as long as eight months after the Development Bank of Southern Africa stepped in with a 3.5 billion rand ($240 million) injection, according to Joachim Vermooten, an independent aviation consultant.

East African Cables is seeking to restructure nearly a fifth of its bank debt, including a 285 million shilling ($2.83 million) loan to a local lender that has sought to wind it up over the debt, it said on Wednesday, Reuters reported. The court petition by SBM Bank to unwind the company was first reported by local media on Monday. East African Cables makes electric and telecoms cables sold across East and Central Africa. Last year, the company and its parent firm restructured 82% of their debts. “The company...

South African Airways finally secured the funding it needs to keep flying for at least a few more months, yet there’s still a long way to go before the state carrier can claim to be stable, Bloomberg News reported. The loss-making airline was put into a local form of bankruptcy protection late last year and its administrators have little more than a month left to come up with a workable plan to turn it around.

The Genevan jeweler De Grisogono SA, known for extravagant diamond jewelry worn by the likes of Paris Hilton, filed for bankruptcy, ensnared in a corruption probe involving Isabel dos Santos, the daughter of Angola’s former president, Bloomberg News reported. De Grisogono couldn’t secure a buyer despite talks that lasted several months, the company said in a statement on Wednesday. The failed negotiations forced the company to file for creditor protection with Swiss authorities, which if accepted, will affect 65 jobs in the nation, the company said.

After months of forcing lenders to extend more credit, Nigeria’s central bank last week stunned markets with a measure that could result in the opposite response, Bloomberg News reported. Governor Godwin Emefiele increased the percentage of deposits that lenders need to park with the regulator -- and which doesn’t earn interest -- by 500 basis points to the highest level in more than four years. By upping the cash reserve requirement to 27.5%, the central bank is draining lenders of the funds they would typically use to create loans.

South African Airways’s business-rescue team said it’s been given access to 3.5 billion rand ($239 million) from the state-owned Development Bank of Southern Africa to avert the airline’s collapse, Bloomberg News reported. The team will immediately draw down 2 billion rand from the facility, they said in a statement on Tuesday. SAA has already canceled some flights this month to save cash after the government missed a deadline to provide the money as part of the terms of its bankruptcy protection. Bloomberg News earlier reported that the bank was considering providing funding.

The Republic of Congo’s public debt may exceed $12.5 billion, more than a third higher than previous International Monetary Fund estimates, corruption watchdog Global Witness said, Bloomberg News reported. The debt could further complicate Congo’s three-year, $449 million loan program it began with the IMF in July. The Washington-based lender has already postponed its first review of the program while Congo restructures external commercial debt, an IMF spokesman said by email Friday before it had seen the Global Witness report.

Talks to salvage a tentative $1.7 billion debt restructuring between Congo Republic and energy traders Glencore and Trafigura are stuck, sources said, jeopardising an International Monetary Fund bailout for the debt-hobbled nation, Reuters reported. The IMF signed off in July on a $449 million, three-year lending programme to help the central African nation’s ailing economy - but only $45 million has been disbursed with other funds subject to semi-annual reviews.

The head of South Africa’s state power company will this week present a draft plan to change how the utility operates, as local media reported he’s considering unbundling the utility at a slower pace than envisaged by the government, Bloomberg News reported. Stabilizing Eskom SOC Holdings Ltd. is the government’s top priority. The company has more than 450 billion rand ($31 billion) of debt and the cost of servicing those loans is higher than the revenue it’s generating.