JOHANNESBURG - South African retailer Steinhoff is asking some of its convertible bond holders including investors in its 2023 1.1 billion euro notes to waive their rights in relation to its failure to deliver certificates of compliance, it said on Tuesday.
Steinhoff is fighting for survival after discovering accounting irregularities in December, knocking its shares and triggering a raft of changes in its boardroom and leadership.
Steinhoff International said earlier last month that it was seeking some liquidity to the tune of R3bn from its existing funders to ease off its financial woes.
Markus Jooste was the first high profile name to leave the company when the group admitted to accounting irregularities dating back to December 2015. He is currently being investigated by the Hawks. Jooste was followed by chairperson Christo Wiese, who had taken over the reins as executive chairperson after Jooste left last month.
At the beginning of the year, chief financial officer Ben la Grange also resigned, bringing the number of high-profile executives to leave the troubled retailer to a total of three.
- REUTERS / BUSINESS REPORT ONLINE