‘Give them hell’: Steinhoff shareholders reject debt restructuring deal
Shareholders dig in their heels, raising the prospect of liquidation
22 March 2023 - 23:57
Steinhoff’s future hung in the balance on Wednesday after shareholders of the embattled retail holding firm voted against the debt restructuring deal, substantially raising the prospect of liquidation, which is likely to leave nothing on the table for equity investors.
Under the deal, shareholders would have left with 20% in an unlisted vehicle while debt holders would take 80% of the firm and extended the debt repayment date for three years. Shareholders were told there was no guarantee the 20% would have any value but it was their best hope...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.