A restructuring of Eskom's more than R440bn debt load is inevitable and the only issue is deciding on the distribution of the costs, according to one of the country’s top business people.
“I don’t think anybody is in any denial that Eskom’s debt has to be restructured,” Norman Mbazima, nonexecutive chairman of Anglo American Platinum, said in an interview. “It’s just a tough thing about how it’s going to be restructured. In the end, who’s going to pay?”A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.
Restructuring the debt only puts off the inevitable. Eskom itself needs to be restructured so that it can avoid the inefficiences and graft of the past and clean up South Africa's electricity emissions.
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