Steinhoff's Overseas Business Restructure Debt After Scandal

Scandal-hit Steinhoff said on Wednesday it had refinanced some 9 billion euros ($10 billion) of debt in its overseas operations which include brands such as Poundland in Britain and France’s Conforama, after pushing the deadline date back repeatedly, Reuters reported. “Implementation of the restructuring is a major milestone on our recovery journey, bringing with it the stability that will allow us to turn the page and concentrate fully on maximizing value from our operating companies,” Group Chief Executive Louis du Preez said in a statement. “The company remains committed to improving the performance of its operational businesses across the group, reducing its debt, resolving the legal claims against it and delivering value for its stakeholders.” Read more