THE STRUGGLING group ‘is surviving with its doors still open’.     Supplied
THE STRUGGLING group ‘is surviving with its doors still open’. Supplied

Steinhoff says restructuring exercise complete

By ANA Reporter Time of article published Aug 14, 2019

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JOHANNESBURG - International retailer Steinhoff said on Wednesday its subsidiaries Steinhoff Europe AG (SEAG) and Steinhoff Finance Holding GmbH (SFHG) had successfully completed the implementation of an exercise which restructured their financial indebtedness and changed the group's European corporate holding structure.

Steinhoff is trying to recover from an accounting scandal revealed in December 2017 which triggered a run on its shares and forced former chief executive Markus Jooste out.

"Implementation of the restructuring is a major milestone on our recovery journey, bringing with it the stability that will allow us to turn the page and concentrate fully on maximising value from our operating companies," CEO Louis du Preez said in Wednesday's statement.

"The company remains committed to improving the performance of its operational businesses across the group, reducing its debt, resolving the legal claims against it and delivering value for its stakeholders."

Steinhoff said a lock-up agreement had terminated on the implementation of the restructuring, meaning the company would cease to publish public monthly updates and return to a normal cycle of market announcements and reporting.

The retail group expects to publish an unaudited quarterly update for the three months ended June 30, around August 29.

- African News Agency (ANA)

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