South Africa

A draft rescue plan for South African Airways (SAA) contains about 4.6 billion rand ($263.4 million) of new bailouts as part of a restructuring aimed at saving the airline from collapse, a copy of the plan showed on Monday, Reuters reported. State-owned SAA entered business rescue - a local form of bankruptcy protection - in December after almost a decade of financial losses, with its fortunes deteriorating when the COVID-19 pandemic forced it to halt all commercial passenger flights in March.

Administrators at South African Airways have asked for more time to publish a business rescue plan for the struggling state-owned airline so they can discuss new government restructuring proposals, a letter to creditors showed, Reuters reported. The administrators, who were meant to publish their plan on Friday, have asked for a new deadline of June 8 so they can consult with creditors, employees and the government. If the delay in publication is approved, they will start those talks on June 1, they said in the letter, dated May 28.

South African Airways (SAA) can still be saved if it gets the necessary funding, the state-owned airline’s administrators said on Wednesday, adding they were talking to the government about a potential restructuring, Reuters reported. The comments in a letter to affected parties seen by Reuters mark a shift in tone from a recent appearance before a parliamentary committee, when the administrators said a wind-down of the business was a probable outcome.

South African Airways (SAA) aims to resume domestic flights between Johannesburg and Cape Town from mid-June, the cash-strapped airline said on Tuesday, as coronavirus lockdown restrictions ease, Reuters reported. SAA, which is under a form of bankruptcy protection, suspended all commercial passenger flights in late March, when the government imposed one of the strictest lockdowns on the African continent.

South Africa’s third-biggest telecom operator, Cell C, plans to hive off assets into a new special purpose vehicle (SPV), the country’s competition watchdog said on Thursday, as part of a plan to restructure the company’s debt, Reuters reported. Gatsby SPV has been set up for the purpose of the proposed transaction, the Competition Commission said in a statement. It did not give details about the deal or indicate which assets of Cell C may be sold to Gatsby. The Commission said Gatsby SPV will be controlled by a trust that is yet to be formed.

South Africa mobile operator Cell C said on Wednesday it had finalised a recapitalisation plan, which has been sent to the Competition Commission for approval, Reuters reported. The country’s third-largest telecoms company, which is majority owned by Blue Label Telecoms, defaulted on a series of debt payments earlier this year having underperformed in a highly competitive market dominated by MTN and Vodacom.

Administrators in charge of South Africa’s Edcon believe there is a reasonable chance of saving the retailer after it filed for a form of bankruptcy protection in April, Reuters reported. Edcon, which owns department store chain Edgars and budget clothing retailer Jet, entered “business rescue” proceedings after losing an estimated 2 billion rand ($111 million) of sales since the coronavirus pandemic reached South Africa in March.

South Africa’s Comair has “reasonable prospects” of surviving, its administrators said on Tuesday after the airline sought a form of bankruptcy protection earlier this month, Reuters reported. Comair, which operates the local British Airways franchise and budget airline kulula.com, entered a “business rescue” after a lockdown aimed at curbing the spread of the coronavirus forced South African airlines to halt all commercial passenger flights. State flag carrier South African Airways is under the same bankruptcy protection process, while smaller state airline SA Express has been pl

Months of concern over rising Covid-19 infection levels may be secondary for investors in coming days as market-moving events and policy decisions take center stage, Bloomberg News reported. China’s annual National People’s Congress starting Friday will likely keep volatility suppressed for developing-nation currencies, despite the prospect of another flareup in tensions between Beijing and Washington.

South African Airways (SAA) has spent just under 10 billion rand ($540 million) since it entered a form of bankruptcy protection, business rescue practitioners said on Friday as they flagged a structured wind-down process as their preferred option for the carrier, Reuters reported. The troubled state-owned airline, which has not made a profit since 2011 has been burning cash and is dependent on government bailouts to remain solvent. It entered business rescue in December in a last-ditch bid to save the company. “In terms of the amount of money that has been utilized...