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Bloomberg
Steinhoff International Holdings NV proposed a $1 billion settlement to resolve more than $8 billion of legal claims lodged against the retailer following the accounting scandal that almost wiped out the company.
Claimants would get a combination of cash and shares in Pepkor Holdings Ltd, a clothing retailer controlled by Steinhoff, the company said. Most of the 90 claims outstanding are included in the deal.
The proposal is the culmination of 12 months of “intensive effort,†the company said, and would mitigate the steep legal fees Steinhoff has incurred since accounting irregularities were first uncovered in 2017. The retailer struck a deal with creditors to skip principal and interest payments on its borrowings through next year.