Steinhoff has a going concern prognosis for the next 12 months, director says
Steinhoff has the support of its lenders in dealing with the liquidity constraints that have affected its international operations, the group’s commercial director Louis du Preez said in Parliament on Wednesday. Several meetings have been held with lenders to discuss the liquidity constraints facing the company. Du Preez addressed three parliamentary committees — finance, public accounts and public service and administration — which held a joint hearing on the Steinhoff saga. Immediately after the revelations of the accounting irregularities in the group, the operating businesses’ access to their banking facilities was severely constrained and credit insurers withdrew their lines of support. This resulted in many businesses, particularly in Europe, being unable to meet their day-to-day financial obligations. "The situation is a delicate one and the discussions with the various lender groupings both local and international are ongoing," Du Preez said. "We have managed to secure near-...
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