Steinhoff's Creditors Support Debt Lock-Up, Key To Saving Retailer
Steinhoff's creditors agreed to hold on their debt claims for three years, the embattled retailer said on Friday, throwing a lifeline for the South African retailer.
The parties will now seek to implement the restructuring within three months, the retailer said in a statement.
Steinhoff's shares initially rose 3 percent in response to the news, but later pared its gains to trade down 1.69.
The retail group is fighting for survival after revealing multi-billion euro holes in its balance sheet that wiped more than 90 percent off its market value and forced it to sell assets to fund working capital.