South Africa Has Another Debt Crisis: Sasol Races to Raise Cash

South Africa’s crowded corporate intensive-care ward has got a new patient. With the state airline bankrupt and the power monopoly burning through its latest bailout, Sasol Ltd., the fuel and chemicals company that’s South Africa’s biggest by revenue, has stumbled into its own debt crisis, Bloomberg News reported. The company was already struggling to keep up with repayments on 162 billion rand ($10 billion) in debt because of a botched U.S. chemical project, when it was blindsided last week a plunge in oil prices. Its shares tumbled to the lowest in two decades and the covenants on its loans are under threat. A JPMorgan Chase & Co. analyst said bankruptcy, while unlikely, is a possibility. Read more