Relief for Steinhoff as Asian unit refinances debt
The restructuring releases Steinhoff International and Steinhoff Europe as guarantors of Greenlit Brands' debt
Embattled global retailer Steinhoff International's Asia-Pacific division has refinanced some its debt, securing a multiyear credit facility with a consortium of Australian banks. Greenlit Brands, formerly known as Steinhoff Asia Pacific Group, has secured A$256m from the three banks, the retailer said on Thursday. Steinhoff International and Steinhoff Europe will be released as guarantors of Greenlit's debt as part of the restructuring. Existing intragroup loans from Steinhoff Europe, Steinhoff UK Holdings and Retail Holdings to Greenlit will remain in place. "The refinancing represents another milestone in the overall restructuring of the indebtedness of the group," the parent company said on Thursday. Steinhoff has been battling raging fires since the scandal around the accounting irregularities surfaced last December, wiping off more than 90% of its value on the JSE. In August, a consortium of law firms, acting on behalf of Steinhoff shareholders who lost billions of rand as a ...
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