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Steinhoff said to seek about $450m for properties

Steinhoff’s accounting scandal wiped out most of its equity and forced the company to review and restate its accounts.

Steinhoff International Holdings NV is seeking to sell properties in Europe worth about 400 million euros ($450 million) to raise cash as it restructures its debt, according to people familiar with the matter.

The retailer, which almost collapsed amid an accounting scandal in late 2017, has hired Eastdil Secured LLC to advise on the sale of office buildings, warehouses and production sites in countries including the UK, Germany, Poland, and Hungary, said the people, who asked not to be identified because the matter is private.

Representatives of Steinhoff and Eastdil declined to comment.

Steinhoff’s accounting scandal wiped out most of its equity and forced the company to review and restate its accounts. PwC is due to release a forensic report on the matter, enabling Steinhoff to publish an audited financial report next month.

The company is trying to dispose of real estate assets after reaching an agreement with its creditors to postpone debt payments. In October, the retailer started to look for a buyer for real estate assets owned by its French furniture chain Conforama, people familiar with the matter said at the time.

In the same month, it closed a deal to sell Austrian retailer Kika-Leiner, including properties held by its Hemisphere subsidiary. After the sale, Hemisphere was valued at 324 million euros.

© 2019 Bloomberg L.P

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Investigate the okes that have been handling Steinhof property portfolio. They have been enriching themselves at the expense of the shareholders all these years by over inflating its values before the actual transaction could take place. Apparently their personal property portfolios are huge which in retrospect means that their personal property assets need to be seized by the rescue practitioners.

Will never happen. As usual, the ones doing the true thieving will be given a slap on the wrist. This is how capitalism works now. Rob the poor and laugh all the way to the bank. Hooray for capitalism!!

What is unbelievable is the creditors agreed to sign-up to the different “debt standstill schemes”.

Within 3 years there will be ZERO assets and when the current “debt standstill schemes” are due to mature, Steinhoff will just seek to have them rolled-over ….. watch this space.

Steinhoff is DEAD….. will never recover. The board is just “sucking” all the money for themselves. The legal bills will be the additional death of the company. Liquidate a.s.a.p.

Surely, shareholders need to take control just like the British people need to take control of Brexit.

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