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Steinhoff says creditor challenges debt restructuring

Reasons for the challenge brought by LSW GmbH have not been given.

Retailer Steinhoff said on Thursday a creditor is challenging the company’s plans to restructure its convertible debt into new secured loans.

Steinhoff is in the middle of a cleaning up its balance sheet after discovering a multibillion euro holes in its balance sheet more than a year ago.

Under the so-called company voluntary arrangement, or CVA, Steinhoff wants to restructure three series of equity-linked bonds due 2021, 2022 and 2023 into a new secured loans.

The challenge was brought by a creditor called LSW GmbH, Steinhoff said, without giving reasons behind it. 

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well done LSW….. it appears you are the only ones who can “see the light”.

Steinhoff management are “wolves in sheep’s clothes”…. wake up creditors, you will never see a cent of your money……

Liquidate Steinhoff IMMEDAITELY

Have you shorted the share?
I didn’t know you can still make shorts money on a penny stock.

The ex directors of Steinhoff will asset strip given half a chance. Liquidation syndication is huge business in SA. Our regulators turn a blind eye.

Do you mean they’ll asset-strip if there’s a liquidation?

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