Steinhoff seeks new debt extension as investors suffer further
In addition to the debt restructuring, Steinhoff is keeping a tight grip on spending to help strengthen its cash position
Steinhoff International Holdings is seeking another extension to restructure almost $12bn of debt as the retailer strives to keep shop doors open and increase the value of some of its assets.
The South African retailer will probably miss a June 30 deadline for agreeing to a debt deal, the owner of Conforama in France and Mattress Firm in the US said in its 2018 annual report published late on Tuesday. Steinhoff needs time to prepare some divisions for an eventual sale that will enable it to repay creditors, the company said.