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The effective date for implementation of the new €750m loan facility provided for Hemisphere International Property, which holds Steinhoff’s controversial international property portfolio, has been pushed out to August 18 from August 3.
Steinhoff gave no explanation for the two-week delay but in a SENS announcement released on Monday morning told shareholders that the company and its lenders were continuing discussions on the restructuring of Hemisphere’s debt and were now planning to implement the agreement by August 18.
In early April Steinhoff shocked the investment community when it announced that Hemisphere’s property portfolio might be worth only half of the €2.2bn at which it had been valued as recently as February 2018.
Concerns about the reported values were raised during the investigation into "accounting irregularities" when it emerged that the property valuations may have been artificially inflated as a result of related party rental agreements.
In the April SENS stateme...
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