Steinhoff International Holdings NV on Jan. 10 said it is postponing the proposed company voluntary arrangements, or CVA, for Steinhoff Europe AG and Steinhoff Finance Holding GmbH due to a creditor challenge.
The South African retailer said it was notified that LSW GmbH, a company claiming to be a creditor of Steinhoff Europe, was challenging the CVA for the business unit.
Steinhoff received creditor approval for the CVAs in December 2018.
According to the company, both CVAs, even the one for Steinhoff Finance, cannot be implemented until the challenge is resolved. The retailer is currently examining LSW's application in detail with Steinhoff Europe.