Eskom Yields Fall as Restructure Chief Says Debt Plan Days Away

Proposals to reorganize the 454 billion rand of debt ($30.7 billion) owed by South Africa’s state-owned power company are days away from completion, according to an official who’s overseen their formulation, Bloomberg News reported. The company’s Eurobond yields fell by the most since June. A report that sets out the options for dealing with Eskom Holdings SOC Ltd.’s debt will be submitted to Public Enterprises Minister Pravin Gordhan, who will decide if and when to release it, Freeman Nomvalo, whose tenure as the utility’s outgoing chief restructuring officer officially ended last month, said on the sidelines of an event in Johannesburg. He declined to elaborate on the contents. Eskom produces about 95% of South Africa’s electricity, but has been forced to institute rolling blackouts as its old and poorly maintained plants struggle to keep pace with demand. Read more