Govt to facilitate a debt restructuring for Zesco

 Govt to facilitate a debt restructuring for Zesco

By MAIMBO MWEEMBA
Energy Minister Peter Kapala says government will facilitate a debt restructuring system to enable Zesco dismantle over 400 million dollars it owes Maamba Collieries Limited.

Mr Kapala said that Zesco has continued accumulating the debt because it is currently only paying about 40% of the dues to Maamba Collieries Limited.

Mr Kapala said that Maamba Collieries Limited is looking at a guarantee that Zesco will settle the debt once the power utility company has raised enough money.

Speaking after touring Maamba Collieries Limited, Mr Kapala said that Zesco is in debt of about threebillion dollars.

And Maamba Collieries Limited Chief Executive Officer, Venkat Shankar said the thermal power company is happy that government is looking for a solution which will be sustaining to both companies.

Mr Shankar said the company believes in co-existence to best offer services to the Zambians.