Steinhoff asks creditors for another extension
The group needs an extra month to finalise the details of an agreement that would freeze debt repayments for three years
Steinhoff International Holdings has asked its creditors to give it another 30 days to finalise the details of an agreement that would freeze debt repayments for three years and give management time to restructure the embattled group. The terms of the so-called lock-up agreement were due to be finalised on October 20 but on Monday the embattled group said it had asked creditors to agree to an extension to November 20. “We have continued to receive significant support from creditors under the lock-up agreement and we remain in positive discussions with them,” said acting CEO Danie van der Merwe in a statement on Monday. The agreement, which covers an estimated€9.4bn of debt, relates only to debt raised by Steinhoff Finance Holding, Steinhoff Europe AG (SEAG), Stripes US Holdings Incorporated (SUSHI) and Steinhoff International Holdings. The SA operations, primarily Pepkor (formerly Steinhoff Africa Retail) and KAP, are not involved. Devin Shutte, head of investments at Robert Group, ...