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Bloomberg reports that a timeline has been set out for the restructuring of Eskom Holdings, with the government having apparently pledged that creditors of the state-owned electricity company would not suffer losses.
Treasury director-general Dondo Mogajane reportedly set out the steps in a closed meeting with investors in London on Tuesday. According to a fund manager present, Mogajane indicated as follows: The government bailout announced by President Cyril Ramaphosa last week would enable Eskom to function as a going concern for two years; an appropriation bill for the bailout would be approved by the end of July; a chief restructuring officer and team would be announced in mid-July; the chief restructuring officer would produce a plan to deal with Eskom’s debt within 18 months; there would be a government guarantee that investors won’t suffer losses; and Eskom would be unbundled in two years, which would close some of the cash-flow gap. After that, the government would decide whether a further bailout was needed.
- Read the full original of Selcuk Gokoluk report in the above regard at BusinessLive
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