Steinhoff International property subsidiary agrees to hold off their debt claims
Steinhoff is looking to extend a €750m loan maturing in August and issued out of Hemisphere International Properties; its shares on the JSE rose as much as 9%
Steinhoff International Holdings said on Thursday that lenders to its subsidiary Hemisphere International Properties had agreed to hold off their debt claims and the firm will now move to restructure the company, sending Steinhoff shares up 9%, at one stage. About 90% of creditors signed the lock-up agreement, giving Hemisphere, the group’s real estate arm, a three-year breathing space from debt repayments. Steinhoff was looking to extend a €750m loan maturing in August and issued out of Hemisphere. The parties will now look to implement the restructuring of Hemisphere by August 3, Steinhoff said in a statement. Steinhoff’s Johannesburg-listed shares were up 6.53% at R2.61 12.41pm GMT, having risen as much as 9% earlier. Steinhoff is fighting for survival after revealing multi-billion-euro holes in its balance sheet that wiped away more than 90% of its market value and forced it to sell assets to raise working capital. The Hemisphere portfolio —which holds about 140 property assets ...
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