Administrators in charge of South African airline Comair said on Tuesday they have been given an extension to June 30 to submit a restructuring plan for the carrier, Reuters reported. Earlier in the day the administrators said they had received a cash offer for the carrier from a company they did not name. The administrators, who had been expected to present a restructuring plan for the airline on Tuesday, asked creditors for another week - until June 30 - to finalise the cash offer before presenting the plan.

South Africa plans to oppose an application by regional airline Airlink to put South African Airways (SAA) into provisional liquidation and prevent a meeting of SAA’s creditors to discuss a restructuring plan, the government said on Monday, Reuters reported. Airlink was a franchisee of state-owned SAA for over two decades, an arrangement that allowed SAA to sell tickets and fly passengers on Airlink flights. SAA still owes some fees to Airlink, making the latter an unsecured creditor.

A group of creditors of South African retailer Edcon has made a court application to halt meetings scheduled for Monday to consider a proposed restructuring plan for the company which is under bankruptcy protection, Reuters reported. Edcon, which owns department store chain Edgars and budget retailer Jet, entered a form of bankruptcy protection in April after its sales were hit after the coronavirus crisis lockdown. Edcon, which opened its first Edgars store in Johannesburg in 1929, had already been struggling due to falling local demand and slow economic growth in South Africa.

Two South African unions on Friday rejected job cuts proposed to rescue South African Airways, which has cost the government more than a billion dollars to stave off bankruptcy and will cost it about half that again to reform, Reuters reported. State-owned SAA went into a form of bankruptcy protection in December, and since then state-appointed administrators have been trying to see what they can salvage. Unions had been in discussions with them and had previously accepted that some job cuts would be necessary.

South African retailer TFG said on Thursday it planned to raise 3.95 billion rand ($229.66 million) through a rights offer to lower its debt and protect its balance sheet, as profit fell by 1.1% in the year to March 31, Reuters reported. TFG, which also operates in Australia and Britain, said the proposed rights offer was fully underwritten by a syndicate of banks comprising three of its largest lenders, and its major shareholders have shown support.

The South African Reserve Bank will resist calls to finance the government’s growing budget deficit with aggressive quantitative easing because that could add even more strain on the National Treasury, Governor Lesetja Kganyago said, Bloomberg News reported. If the central bank were to buy 500 billion rand ($29 billion) of government bonds and then mop up the excess liquidity by issuing bonds at the current repurchase rate of 3.75%, it would be insolvent in about a year, Kganyago said in an online lecture Thursday.

Sasol Ltd. is reining in oil expansion and considering job cuts as part of ongoing efforts to turn the business around and protect itself from market downturns, Bloomberg News reported. The overhaul at the South African company follows a 50% slump in its shares this year as oil’s crash strained finances already pummeled by cost overruns at a giant U.S. chemicals project. Now it’ll focus squarely on its core chemicals and synthetic-fuels divisions as it seeks to boost cash and bring down debt.

South Africa’s state-owned agricultural lender Land Bank is close to finalising a liquidity and debt restructuring plan after it missed loan repayments this year and had its credit rating cut, it said on Wednesday, Reuters reported. A statement from the company said that the plan under discussion with lenders and the National Treasury is intended to raise a 3 billion rand ($174 million) liquidity facility from lenders and extend terms of all debt maturing in the next 12 months.

The South African government would need to find at least 10 billion rand ($580 million) in new bailout funds if it wants to rescue South African Airways (SAA) with most of its routes intact, a long-delayed rescue plan showed, Reuters reported. State-owned SAA’s longstanding frailties have been exacerbated by the COVID-19 pandemic, which has pushed even previously profitable airlines into financial distress. SAA suspended commercial passenger flights in March, when the government imposed one of Africa’s strictest coronavirus lockdowns.

South Africa made it clear it wasn’t seeking any type of debt suspension to fight the coronavirus pandemic, with such measures likely hurting more than they would help due to the high domestic ownership of securities, BloombergQuint reported. “There are a few countries, such as Egypt and South Africa, that aren’t among those” seeking to be involved in debt standstill talks being coordinated by the Institute of International Finance, special envoy Trevor Manuel said in response to emailed questions.