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More Creditors Give South Africa's Steinhoff Breathing Space

Published on Jun 13 2018 9:45 AM in Retail tagged: South Africa / Steinhoff

More Creditors Give South Africa's Steinhoff Breathing Space

Steinhoff has won more creditor support to give the South African retailer time to restructure debts totalling €9 billion in a fight for survival.

The company, which grew rapidly from a small local furniture outfit to a multi-national retailer, said on Tuesday that holders of 93%, 83% and 75.5% of three convertible bonds totalling €2.7 billion had agreed to a debt standstill agreement.

Accounting Irregularities

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