Steinhoff shareholders could get some value
The shareholders, who stood to get nothing, could keep 20% of their shares in the new unlisted company
25 April 2023 - 12:56
Steinhoff shareholders who stood to get nothing as the indebted company entered restructuring could keep 20% of their shares in the new unlisted company, under the draft Dutch restructuring plan.
This was announced on Tuesday morning, but it is still not clear if shareholders will recoup any value for their shares as Steinhoff is insolvent, with its debt exceeding its equity by €3.5bn (R70bn). It owes its lenders €10.2bn with debt due in June — and interest rates of more than 10%...
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