Eskom Holdings SOC Ltd., South Africa’s indebted state power utility, said the National Treasury is assessing whether to convert 16 billion rand ($875 million) of bailout funds into equity.

Eskom said it submitted documentation on Oct. 31 that, if if the Treasury assesses that conditions have been met, will allow it to convert the subordinated loan into equity through the issues of new shares. Officials at the utility said a decision is expected soon, according to a person on an investor call Eskom held on Wednesday. The person asked not to be identified because the conversation was private.