Eskom Holdings told bondholders at a road show in London on Wednesday that it wants the majority of its R441bn debt transferred to the South African government.

The struggling state power utility can only sustain R150bn of debt, company executives told investors, said Ksenia Mishankina, a senior credit analyst at Union Bancaire Privee, who attended the meeting. The discussions follow the announcement last week of Eskom’s record R20.7bn annual loss...

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