Ann Crotty Writer-at-large

After nine months of legal challenges and five postponements, embattled retailer Steinhoff International has finally clinched an agreement with creditors that will provide it with space to stabilise its business and restructure its debt-laden balance sheet.

The so-called company voluntary arrangement (CVA) has been backed by owners of €8.8bn (R151bn) of the €10.8bn debt in the Steinhoff holding company who’ve agreed to suspend their claims for repayment or interest until December 2021.

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