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Steinhoff says makes progress with creditors over restructuring

Steinhoff confirms is has begun a process with creditors for a ‘lock-up agreement’ to allow debt restructuring.

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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