South Africa’s National Treasury is seeking to hire a legal firm to advise it on how to reorganize the R396 billion debt burden held by national power utility Eskom Holdings SOC Ltd., people familiar with the situation said.
It comes as the department continues with technical work it began in March on how to deal with the debt that’s left the utility reliant on state handouts to survive.
The country is currently experiencing its worst-ever power cuts, with as much as 6,000 megawatts being shed from the national grid, after a pay strike halted some of its plants and interrupted maintenance. Gwede Mantashe, the energy minister, has absolved himself of blame, while Pravin Gordhan, the minister of public enterprises, told the News24 website that the government should cutThe Treasury didn’t immediately respond to a request for comment.
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