Eskom’s biggest creditor sees barriers to debt-for-equity swap

South Africa’s Government Employees Pension Fund (GEPF), the biggest investor in Eskom Holdings debt, said there were significant hurdles to a proposal that its bonds be converted to equity to help rescue the struggling power monopoly. The initiative, which has been backed by the country’s biggest labor unions, was first examined by the Public Investment Corporation (PIC), which manages most of the pension fund’s investments, but the GEPF has not been formally approached about a potential swap, its investment chief said.