Steinhoff told its creditors in Europe on Friday that the company’s immediate operational liquidity requirements had been "largely addressed".

Its share price rallied 1.5% to close at R7.55 after it posted the presentation on its website.

Steinhoff had negotiated a "cash release" from SA whereby the group had reached an agreement with its South African lenders to shift funding from its African units to Europe.

Its African subsidiaries would repay €200m in intercompany loans due to non-South African entities, partly by using the proceeds of the sale of PSG shares.

This comes after Steinhoff sold R7.1bn in shares in PSG Group and secured an initial tranche of €60m from South African lenders.

Steinhoff said that its Kika Leiner business, which has been grappling with a liquidity crisis, had been stabilised. A restructuring plan had been agreed upon on January 24.

French retail chain Conforama’s funding had been "secured", and the company was expected to start drawing on a new loan facility worth €115m on Monday (January 29).

Conforama would also receive about €79m in early February once the sale of a stake in online fashion retailer Showroomprivé became effective, the company said.

The loan and sale had resolved a "potential funding requirement at Conforama".

The operating business in the UK had secured short-term funding "on a local basis", having raised £260m to date.

In the US, Mattress Firm had fully drawn its $75m credit facility, while in the Asia Pacific, Steinhoff’s businesses aimed to secure additional funding from banks by mid-February.

Discount retailer Poco, which operates in Germany, Australia and SA, remained self-sufficient, it said.

"The group is working to repay all the debt of the South African holding companies in the near term," it said.

More PSG shares had been sold, with the intention of redeeming the company’s R8bn domestic medium-term note programme, the company said.

Steinhoff said it would shift its focus to "broader lender engagement" and "developing strategic options".