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...

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