Eskom

Eskom denies reports of debt restructuring

Eskom denies reports of debt restructuring <www.engineeringnews.co.za/article/eskom-denies-reports-of-debt-restructuring-2018-07-04>
4TH JULY 2018
BY: ANINE KILIAN <www.engineeringnews.co.za/author.php?u_id=1124> CONTRIBUTING EDITOR ONLINE
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State-owned power <www.engineeringnews.co.za/topic/power> utility Eskom <www.engineeringnews.co.za/topic/eskom> says recent media reports <www.engineeringnews.co.za/topic/recent-media-reports> suggesting the company plans to restructure or extend its debt are not true.
Various media outlets <www.engineeringnews.co.za/topic/media-outlets> have reported that the utility is considering asking for extensions on some debt, and staff layoffs, amid a constrained financial <www.engineeringnews.co.za/topic/financial> position.
“We remain committed to executing our approved borrowing programme,” Eskom <www.engineeringnews.co.za/topic/eskom> group treasurer *Andre Pillay <www.engineeringnews.co.za/topic/andre-pillay>* said in a statement on Wednesday.
He noted that Eskom <www.engineeringnews.co.za/topic/eskom> planned to raise R72-billion in the current financial <www.engineeringnews.co.za/topic/financial> year, of which 23% has already been secured.
He added that the company was at advanced stages of ensuring that the funding requirement for the current financial <www.engineeringnews.co.za/topic/financial> year was fulfilled in a timely manner.
“Eskom <www.engineeringnews.co.za/topic/eskom> is working on a new corporate plan which will provide direction on how the company is expected to look going forward and what its role will be in both the domestic and continental energy markets <www.engineeringnews.co.za/topic/continental-energy-markets>. The review of the corporate plan is expected to be completed by the end of this year,” he said.