Key lenders ‘poised to offer Steinhoff relief’
At least three of the embattled retailer’s biggest lenders have indicated they will support rolling over the debt
Steinhoff International has started to gain support from key lenders as it seeks extra time to repay more than €1bn owed on a revolving credit facility, according to people familiar with the matter. At least three of the embattled retailer’s biggest lenders have indicated to the company that they would support rolling over the debt, which is due in about three weeks, said the people, who asked not to be identified because the matter is private. The repayment extension, which needs support from a majority of lenders, will be discussed at a December 19 meeting, the people said. Steinhoff rattled creditors and investors last week by announcing accounting irregularities and the departure of its chief executive officer. The revelations have caused an about 75% slump in shares of the company, which owns Mattress Firm in the US, Poundland in the UK and the Pep clothing chain in Africa. The retailer did not reply to a request for comment on the €2.9bn revolving credit facility. Most banks p...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.