Steinhoff pins hope on Moelis and AlixPartners
Steinhoff may be able to staunch the bleeding
Steinhoff International attempted to staunch the bleeding by appointing US investment bank Moelis & Company and management consultants AlixPartners on Sunday. "Moelis will support and advise on the group's discussions with its lenders, while AlixPartners will assist on liquidity management and operational measures," Steinhoff said in a statement released on Sunday. On Friday, half an hour before the JSE’s closing bell at 5pm, Steinhoff announced that a meeting with its bankers that was to have taken place on Monday would be delayed until December 19, contributing to its share closing 40% lower at R6. On the Frankfurt Stock Exchange, which trades until 8pm on weekdays, the reaction to the announcement was more muted, with Steinhoff closing 15% lower at €0.55.
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