Steinhoff asks creditors for more time to avoid insolvency
Scandal-hit Steinhoff is asking its creditors for a three-week extension to an agreement to hold off enforcing their rights.
Earlier in June, creditors agreed to hold off calling in debts until the end of the month while Steinhoff worked to restructure its debt and avoid insolvency.
In a letter to creditors on Wednesday (27 June), the group asked for an extension to 20 July.
“Whilst significant progress has been made, to allow sufficient time for creditors to approve and sign up to the Lock-Up Agreement, including the Group’s final proposal, the Group is seeking certain amendments to the Original Support Letters), primarily to extend the support period from 30 June 2018 up to and including 20 July 2018,” it said.
If the group’s final proposal is not agreed by the committees and the original letters are not extended by the necessary majorities, Steinhoff said it will need to assess its options, which could initiating reorganisation procedures.
Steinhoff said it urgently needed a response from creditors by Friday 29 June.
Read: Steinhoff sees big rise after new agreement with creditors
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