Steinhoff creditor groups join forces ahead of a potential debt restructuring
Some holders of the European unit’s bond hire advisers ahead of a creditors at meeting on Friday; Steinhoff raised R7.1bn from a sale of stake in PSG Group on Monday
Frankfurt — More Steinhoff creditor groups are joining forces to position themselves for a potential debt restructuring at the furniture retailer, people close to the matter said, before the company meets creditors on Friday.Steinhoff, owner of more than 40 retail brands including Poundland in Britain, admitted "accounting irregularities" last month, triggering an 85% share slide.Some holders of an €800m bond of a European Steinhoff unit have mandated restructuring adviser PJT as well as law firm Latham & Watkins to represent them in any debt restructuring talks, the sources said.Earlier, convertible bond holders had hired Houlihan Lokey and law firm Kirkland & Ellis to help them deal with the matter, while senior debt holders mandated FTI and Allen & Overy.Roughly €2bn of Steinhoff’s €10.7bn in debts mature this year.The company has called a meeting with some of its European-based creditors in London on Friday.As part of efforts to stabilise the company, on Monday, Steinhoff sold a...
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