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Steinhoff’s A Black Box Too Big To Ignore For Vulture Investors

Published on Mar 14 2018 11:00 AM in Retail tagged: Trending Posts / Steinhoff / Paywall

Steinhoff’s A Black Box Too Big To Ignore For Vulture Investors

Steinhoff International may look like a non-starter for most investors: its former chief executive is under investigation for fraud and the new managers still can’t explain what went wrong. Then there’s the matter of what happened to $5 billion in cash.

Yet buyers have piled in.

Hedge funds now hold most of Steinhoff’s €3.5 billionof bonds and more than €1.5 billion of bank loans and private debt, according to four people familiar with the situation who asked not to be identified because the matter is private.

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