Eskom Sought Advisers to Help Implement Government Bailout

Eskom Holdings SOC Ltd., the state-owned South African power utility with about $30 billion of debt, sought advisers on how to implement a government bailout seven months after President Cyril Ramaphosa said the company would be reorganized, Bloomberg News reported. Eskom issued an invitation to tender for “financial services for implementation for government support package” on Aug. 23, according to a document seen by Bloomberg. The tender, which closed on Sept. 3, requires that the team provide its record in “providing holistic solutions to restore the viability of companies in financial distress for transaction values in excess of $1 billion.” Eskom, which supplies about 95% of South Africa’s power, has been granted 128 billion rand ($8.7 billion) in state bailouts over the next three years to remain solvent. Read more