Loan Digest

Exclusive: S.African power utility Eskom gets $850 mln tranche of state help with debts

  • 📰 ReutersAfrica
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 53%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

South Africa's Treasury has paid 16 billion rand ($852 million) to heavily indebted power utility Eskom, the first tranche of a debt relief package that will wipe off more than half its liabilities, acting CEO Calib Cassim said on Tuesday.

so it can pay its debts to global financial institutions, which currently top 423 billion rand.

"We have received the first drawdown in terms of the Eskom debt relief bill," Cassim told Reuters on the sidelines of the BRICS summit, adding it would help the company meet its debts on maturity.Corruption, cost overruns, and widespread theft of coal and transmission line materials have conspired with unrealistically low tariffs to almost bankrupt Africa's biggest power company.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 31. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

‘ESKOM infrastructure in a dismal state,’ says ministerUnder investment by municipalities, R63-billion mounting debt, and illegal connections to blame for battling Eskom infrastructure.
Source: TheSAnews - 🏆 25. / 59 Read more »