Steinhoff reassures angry investors that it is in productive talks with creditors
Amsterdam/Cape Town— Steinhoff is in talks with creditors about restructuring its debt, it said on Friday as it faced shareholders for the first time since an accounting scandal surfaced in December. Steinhoff, which runs chains such as Poundland and Mattress Fir, is fighting for survival after discovering holes in its books. The accounting scandal wiped billions off its stock market value and triggered a cash crunch. “The group has been engaging with its creditors across the debt clusters to create a window of stability and to develop a restructuring plan,” the company said in a presentation. Investors, who backed the company’s reinvention from a small furniture outfit in Johannesburg to multinational that once vied with Ikea, are facing directors for the first time since more than 90% of their stock value was wiped out. The meeting is being held in Amsterdam and streamed live to an exhibition and trade show centre in Cape Town, where dozens of protesters, led by civil servants uni...
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