Deals
Glencore's Optimum Coal Operation Said to Draw Buying Interest
- Low coal prices drove Optimum into business rescue in August
- South African power utility wants to keep supply contract
This article is for subscribers only.
Glencore Plc’s Optimum Coal unit, which went into “business rescue” in August citing an unprofitable deal to supply South Africa’s power utility with the fuel, may be sold, with at least one offer being considered, according to three people familiar with the situation.
“The business-rescue practitioners are considering all options that are acceptable to Eskom and all stakeholders,” Piers Marsden, one of the people overseeing the process, said by phone. Business rescue is the equivalent of bankruptcy protection.