Steinhoff International will remain a creditor to its Australasian subsidiary for at least another three years, despite the latter doing its level best to put as much distance between itself and the scandal-hit parent. Steinhoff Asia-Pacific, which operates primarily in Australia and New Zealand, announced on Thursday it had secured a new senior revolving credit facility and other working capital facilities amounting to A$256m ($185m) from a consortium of three Australian-based banks. The facilities will mature in October 2020, providing much needed breathing room for Steinhoff Asia Pacific to continue operating without facing demands from lenders. Steinhoff International will still be owed A$324.4m ($234m) by the Australasian subsidiary, which is only due to be repaid in 2021. Some of the debt is owed to Steinhoff Europe AG (SEAG), one of Steinhoff International’s two problematic finance companies that are facing severe liquidity and solvency challenges. Two tranches The outstandin...
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