DURBAN – Embattled retailer Steinhoff International has asked for another consent from its creditors to extend the date for the completion of its financial restructuring for its European businesses to August 19. Steinhoff's deadline was set for last Friday.
It is the fifth time that Steinhoff has asked for an extension to implement its financial restructuring from its creditors, after starting the restructuring in December.
The company voluntary agreement (CVA) consent request number 4 was approved by the requisite majorities of Steinhoff Europe AG (SEAG) and Steinhoff Finance Holding GmbH (SFHG) creditors on June 28.
The group’s share price traded 4.13 percent higher on Thursday after the retailer launched consent number 5. However, it closed at R1.26.
On Thursday, the group said that despite significant progress having been made in the implementation of the restructuring, including the resolution of almost all matters required prior to commencing the restructuring steps, a small number of matters outside of the control of SEAG and SFHG have not been concluded.