International credit insurers withdraw cover for Steinhoff loans
Vienna — Credit insurers had decided to withdraw insurance cover for South African retailer Steinhoff International’s loans, Steinhoff’s Austrian subsidiary Kika/Leiner said on Monday. "The loss of the credit insurance is a result of the Steinhoff crisis," Kika/Leiner said in a statement. Steinhoff, whose retail chains include Britain’s Poundland, Mattress Firm in the US and Conforama in France, has been fighting to recover from the fallout from accounting irregularities discovered in December. Steinhoff’s Austrian furniture retailer Kika/Leiner had faced one of the biggest problems within the group, but said in January it secured enough cash to see it through this year. But international credit insurers decided on Friday to withdraw insurance cover for Steinhoff’s loans against the risk of default from Monday onwards, according to several Austrian media outlets. "Steinhoff International’s global situation has still not improved," Kika/Leiner’s CEO, Gunnar George, told radio station...
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