ABU DHABI, United Arab Emirates, Dec. 05, 2019 (GLOBE NEWSWIRE) — CRO Advisors to Issue Eskom Debt Restructuring Report by December 31, 2019. CRO Advisors has concluded that Eskom has devolved into an operationally dysfunctional, financially insolvent, unreliable and corrupt entity.

Eskom’s ~500BN on balance sheet debt, ~128BN off balance sheet debt, and 1,072BN in unavoidable cost over next 5 years, represents a staggering 76% of South Africa’s total current debt.

South Africa’s total debt obligations are ~5.3 Trillion Rand (353BN USD), including Eskom’s liabilities and capital requirements, excluding other substantial cash requirements for other failing State-Owned Companies, excluding sizable Tax collection gaps and other sizable growing fiscal gaps.

Eskom must undergo an independent detailed and comprehensive “Forensic Audit” on behalf of all creditors, vendors and stakeholders.

Eskom is “not ready” to be decoupled or broken up into separate operating companies at this time due to the severe financial, operational challenges, corruption, fraud and malfeasance facing the Company.

CRO Advisors Eskom Restructuring Analysis Timeline includes:

  • CRO Advisors Issues South Africa Country Review, IMF Warnings, and Eskom Insolvency Notices on 8.5.19
  • CRO Advisors Issues Volume I: Eskom Independent CRO (ICRO) Restructuring Report on 10.17.19
  • CRO Advisors to Issue Eskom Debt Restructuring Report by 12.31.19
  • CRO Advisors to Issue Volume II: Integrated Resources Plan (IRP) Revisions and South Africa Electricity Market Design by 1.31.20

The full public version of the CRO Advisors Eskom Restructuring Update may be found at:

https://www.dropbox.com/s/n7vs48xk4ohnbur/Eskom_CRO%20Advisors%20Restructuring%20Update.pdf?dl=0

About CRO Advisors:

CRO Advisors work with Sovereign Governments, Institutional Investors and other stakeholders with exposure to the Global Energy & Infrastructure sector. The Firm engages with Sovereign Wealth Funds, Private Equity and Specialized Lending Funds to mobilize large pools of capital for our clients as part of our restructuring and turnaround mandates. CRO Advisors are specialists in the most complex restructuring and recapitalization of distressed Sovereign Government Assets, and Infrastructure companies and assets globally. Bankruptcy, Debtor in Possession (DIP) Finance, Business Rescue and Turnaround. Focus is on very large and complex debt and operational restructuring’s in the Energy & Infrastructure sectors, including Power Generation, Transmission, Distribution, Natural Gas Pipeline, Fuel Storage Terminals, and other critical infrastructure assets.

CRO Advisors Contact:
Contact: Mr. A. Malouf
Email: info@icroadvisor.com
Website: www.icroadvisor.com
SOURCE:  CRO Advisors