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Bloomberg
Steinhoff International Holdings NV said it has secured enough money to keep its businesses running in the immediate term and can now start talks with a broader group of creditors.
The troubled South African retail group has arranged new credit lines for units in the UK, US and France as well as agreeing a restructuring of its Austrian division, it said in a presentation published on its website. The announcement came after a meeting with creditors in London to discuss progress stabilising the business since it uncovered accounting irregularities in December 2017.
The company has also agreed with its South African lenders to repay $248 million owed to entities outside the country. That repayment will be funded with proceeds from the sale of shares in financial services firm PSG Group Ltd., the firm said. It also confirmed it’s seeking to redeem all of the debt of its South African holding companies, and $671 million of bonds.
An investigation by PricewaterhouseCoopers into Steinhoff’s accounts is ongoing, the company said. Steinhoff said its UK unit has raised $367 million.