Glencore unit could be sold after bad deal

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, sources said.

“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. Business rescue is the equivalent of bankruptcy protection. (Bloomberg)