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Retail

Steinhoff's Creditors Support Debt Lock-Up, Key To Saving Retailer

By Steve Wynne-Jones
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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.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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