Steinhoff reassures investors it has made ‘substantial progress’ with creditors
The struggling furniture retailer says it has achieved some important milestones necessary to stabilise the group
Struggling furniture retailer Steinhoff issued a statement on Monday morning in which acting CEO Danie van der Merwe reassured investors it was making “substantial progress” with its creditors. In a separate statement, industrial holding company KAP said Van der Merwe would be leaving its board at its annual general meeting in November. “Over the last three months we have made substantial progress with the restructuring process, achieving a number of important milestones necessary to stabilise the group’s finances," Van der Merwe said in Monday morning’s media release. “During this period we have continued to receive significant support from creditors under the lock-up agreement and we remain in positive discussions with them. Negotiations on the implementation documentation are now well advanced and the one-month extension to the long stop date will give us the necessary time to complete that process ahead of any necessary restructuring processes being launched.” Steinhoff’s lock-u...
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