Resolving Eskom Debt Issue to Take Several Months, Gordhan Says

(Bloomberg) --

South Africa will take several months to determine how best to deal with the 454 billion rand ($31 billion) of debt amassed by state power utility Eskom Holdings SOC Ltd., Public Enterprises Minister Pravin Gordhan said.

Freeman Nomvalo, who was named Eskom’s chief restructuring officer on July 30, has proposed options to reorganize the debt and the National Treasury is now doing further work on them, Gordhan said in reply to a question from a lawmaker in parliament in Cape Town on Tuesday.

“We will engage with lenders to Eskom to see what appetite they have to resolving the debt issue,” he said.

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