Steinhoff Unit Hemisphere Gets Creditor Support For Debt Lock-Up
South African retailer Steinhoff said on Thursday that lenders to its subsidiary Hemisphere had agreed to hold off their debt claims and the firm will now move to restructure the company, sending Steinhoff shares 9% up.
Around 90% of creditors signed the lock-up agreement, giving Hemisphere International Properties B.V, the group's real estate arm, a three-year breathing space from debt repayments.
Steinhoff was seeking to extend a €750 million euro loan maturing in August and issued out of Hemisphere.
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