US and European banks have billions exposed in Steinhoff crisis
Its total exposure to lenders and other creditors is almost €18bn
Johannesburg/London — US and European banks, some of which are due to meet with Steinhoff International Holdings on December 19, are among creditors with billions in exposure to the global retailer whose asset value has plummeted amid an accounting scandal. Total exposure to lenders and other creditors was almost €18bn ($21bn) as of the end of March. Long-term liabilities were €12.1bn and short-term liabilities €5.87bn, its first-half earnings statement shows. Those are the most recent Steinhoff results available after it indefinitely postponed publishing full-year financials on Wednesday. "The great unknown is the funding of the off-balance-sheet structures, which could spill over into fresh bank liability," Adrian Saville, CEO of Cannon Asset Managers in Johannesburg, said on Friday. The short-term debt could "fall over if the business fails". Steinhoff, listed in Frankfurt and Johannesburg, has lost more than 80% of its market value in the three days since the company started a ...
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