Eskom creditors hire Rothschild to steer revamp

R392bn debt will remain under the holding company for now, but some bondholders fear it may be distributed across financially weaker unitsEskom’s creditors started working with financial advisory firm Rothschild & Co. as SA’s struggling power utility prepares a long-awaited reorganisation aimed at returning it to profit and reducing its staggering debt load.

Saving Eskom is a massive undertaking, with SA’s economy at stake as it struggles to supply uninterrupted electricity. Eskom's creditors started working with Rothschild & Co as the power utility prepares a long-awaited reorganisation aimed at returning it to profit and reducing its debt. Graphic: BLOOMBERG

Eskom’s dollar-bond yields have climbed to the highest levels since March, in line with the rise in global yields as the US Federal Reserve moves closer to raising interest rates. But the premium investors demand to hold the company’s unsecured debt rather than bonds guaranteed by the government has widened in recent weeks, suggesting some investor anxiety.

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