By
Reuters
Reuters
Published
Jul 11, 2018
Jul 11, 2018
Steinhoff says makes progress with creditors over restructuring
By
Reuters
Reuters
Published
Jul 11, 2018
Jul 11, 2018
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.”
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