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Steinhoff receives additional support from creditors

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Steinhoff receives additional support from creditors

South African retailer Steinhoff International Holdings NV said June 12 that it received additional support from its creditors for its restructuring that provides temporary measures supporting the financial stability of two of its subsidiaries.

The creditors agreed to the plan, which involves subsidiaries the company uses to finance operations in Europe and the U.S.: Steinhoff Europe AG and Steinhoff Finance Holding GmbH.

According to the release, the embattled company now has enough levels of support — holders of 83.27% of convertible bonds due 2021, holders of 93.36% of convertible bonds due 2022 and holders of 75.54% of convertible bonds due 2023 — to modify the terms of each series.

The announcement of additional creditor support comes after the South African retailer's international credit insurers reportedly withdrew their coverage for the company's loans.

The retailer, which runs the Sleepy's brand in the U.S., Conforama in continental Europe and Poundland in the U.K. said in May that it repaid some €2 billion in African debt.