Steinhoff notified of R4.6bn claim by former partner
The embattled retailer said earlier in January that Andreas Seifert was opposing an agreement reached with creditors in December
Steinhoff International, the furniture retailer that has been fighting for survival for over a year, says it has received a €291m (R4.6bn) claim from a former business partner in Europe. The claim could push out the publication of the group’s keenly awaited financial statements for 2017 and 2018, which are expected to be released by April 18. Steinhoff is trying to bolster its balance sheet, though it warned earlier in January that former business partner Andreas Seifert was opposing an agreement reached with creditors in December. The deal was approved by the vast majority of creditors and two Steinhoff subsidiaries, Steinhoff Europe (SEAG), and Steinhoff Finance Holding. Steinhoff's new CEO, Louis du Preez, said in December the agreements would be “key to bringing in a new period of financial stability for the group”.
While certain terms of the agreements with creditors still apply, the full implementation of that arrangement could be delayed until the application brought by...
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