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Steinhoff to Win Some Bank Support for Credit Extension
- Debt rollover request surpasses 1 billion euros, people say
- South African retailer reported irregularities last week
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Steinhoff International Holdings NV has started to gain support from key lenders as it seeks extra time to repay more than 1 billion euros ($1.2 billion) owed on a revolving credit facility, according to people familiar with the matter.
At least three of the embattled retailer’s biggest lenders have indicated to the company that they would support rolling over the debt, which is due in about three weeks, said the people, who asked not to be identified because the matter is private. The repayment extension, which needs support from a majority of lenders, will be discussed at a Dec. 19 meeting, the people said.