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Steinhoff seeks extension on lockup agreement

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Steinhoff seeks extension on lockup agreement

Steinhoff International Holdings NV on Oct. 15 asked its creditors to push the long-stop date of its lockup agreement from Oct. 20 to Nov. 20.

The South African retailer said it needed the one-month extension to finalize the required documentation for a restructuring plan that was outlined in August.

The process for the lockup agreement was first launched in July, addressing holders of Steinhoff's debt through its units Steinhoff Europe AG, Steinhoff Finance Holding GmbH and Stripes US Holding Inc. The company has since received support from external creditor groups.

Danie van de Merwe, acting CEO of Steinhoff, said in a statement: "Over the last three months we have made substantial progress with the restructuring process, achieving a number of important milestones necessary to stabilize the group's finances," adding that the company remains in "positive discussions" with creditors under the lockup agreement.

Steinhoff also noted that as part of its overall restructuring plan, its U.S. retail chain Mattress Firm Holding Corp. has been made a subsidiary of Steinhoff Europe. The company said the move would facilitate restructuring of intercompany loans owed by Stripes US Holding and Mattress Firm, which filed for bankruptcy earlier this month.