Steinhoff says makes progress with creditors over restructuring
JOHANNESBURG (Reuters) – South African retailer Steinhoff, said on Wednesday it had begun a process with creditors for a “lock-up agreement”, which once completed could allow the restructuring of huge debts within three months.
“The launch of the LUA (lock-up agreement) marks the culmination of several weeks of discussions with the ad hoc
committees of third party creditors,” Steinhoff said in a statement.
“(It) represents an important step in the restructuring process.”
Reporting by Nqobile Dludla; Editing by Joe Brock
Advertisements
0 Comments