Eskom’s creditors started working with financial advisory firm Rothschild & Co. as South Africa’s struggling power utility prepares a long-awaited reorganisation aimed at returning it to profit and lightening its debt load. Bondholders are forming a common front to protect their interests as the state-owned company takes steps to split into three entities, according to people familiar with the matter who asked not to be identified because the information is private.
Eskom has begun the legal separation of its transmission unit, designed to help open the grid to private suppliers and allay electricity shortages that have curbed economic growth. As part of the reorganisation, a significant portion of the debt is to be housed in the generation unit, whose program to build new capacity resulted in defective, over-budget, coal-fired plants yet to be completed. The split of that business along with the distribution arm is expected to start later this year.
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