Steinhoff Holdings is set to release its interim results on Friday afternoon, hours after the deadline for creditors of key subsidiaries to agree to an extension of the freezing of their claims. The two subsidiaries are Austrian-based Steinhoff Europe AG (SEAG) and Steinhoff Finance Holdings. Holdings wants creditors to extend the deadline to July 20 from June 30. The tightness of the deadline highlights just how precarious the Steinhoff situation is, said one analyst who asked not to be named. If the board is unable to secure the necessary support for an extension, it might have to initiate liquidation proceedings. Chris Logan of Opportune Investments said the danger of proceeding with liquidation against SEAG and Holdings was the likelihood of cross-guarantees with other companies in the Steinhoff group. On Wednesday Steinhoff informed creditors they must confirm they agree to the extension by no later than 10am Austrian time on Friday.
The board said if the majority of cred...
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