The Steinhoff share price ticked up briefly on Thursday after the release of a "process and liquidity update" in which the group said it was seeking waivers from some European funders and that it expected to be able to pay cash interest on "all its existing financial indebtedness at the ordinary contractual rate over the near-term forecasted period". After spiking to R7.30 the share eased back to close at R6.93, a gain of 5.3% on the day. In a bid to relieve some of the pressure caused by broken covenants Steinhoff will shortly ask some of its European creditors to agree to limited waivers of the usually strict conditions attached to debt covenants. The group will request responses to its waiver proposals in the coming weeks. "While the company is confident that it will receive sufficient support from its relevant finance providers to obtain these limited waivers, there can be no assurance that the company will be able to reach agreement with its finance providers on acceptable term...
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