It’s been quiet on the Steinhoff front. A week has gone by without any heart-stopping announcements; nothing since the news that the board had managed to persuade creditors with more than €9bn to sign on to the three-year lock-up deal. With hedge funds in among the creditors, the scary reality is that things could have gone either way. There’s good reason why hedge funds are often referred to as vulture funds and there was always a chance they would have held out for more than the Steinhoff board was able or prepared to pay. Now the board has some flexibility as it continues to clean up the rambling portfolio of assets accumulated over many years. The latest businesses to go are German-based companies Impuls Kuchen, which was bought by Steinhoff in September 2015, and Puris Bad, bought in July 2003. The sales are subject to the approval of the German competition authorities. The prospect of Steinhoff slimming down to a shadow of its previous unwieldy self highlights one significant ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.