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.
President Cyril Ramaphosa first announced a turnaround plan in 2019, though progress has been slow as the details are debated, especially around the debt pile, which Eskom wants the government to help cut in half. As part of the reorganization, 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.
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