Eskom refutes reports of debt restructuring

By ANA Reporter Time of article published Jul 4, 2018

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CAPE TOWN - Eskom on Wednesday dismissed reports that the company was restructuring its debt of more than R300 billion.

“We remain committed to executing our approved borrowing programme,” said Andre Pillay, Eskom's group treasurer.

“Eskom plans to raise an amount of R72-billion in the current financial year, of which 23 percent (R16.4-billion) has already been secured, and the company is at advanced stages of ensuring that the funding requirement for the current financial year is fulfilled in a timely manner."

In a statement, the power utility added that it would finalise a review of its corporate plan by the end of  the year.

Turning to job cuts, a bone of contention in a wage increase dispute with labour unions, Eskom said it was "looking into various options of reducing its cost base, which includes optimising its operational expenditure and capital investment programme".

These are expected to yield savings of R100 billion over the next five years.

It stressed that it had not entered into discussions with trade unions on job cuts but planned to engage them on ways of optimising the performance of the current work force.

African News Agency (ANA)

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