Steinhoff Says Immediate Liquidity Needs 'Largely Addressed'
- Says to repay 200 million euros to non-South African entities
- PwC investigation still ongoing, trading update due February
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Steinhoff International Holdings NV said it has secured enough money to keep its businesses running in the immediate term and can now start talks with a broader group of creditors.
The troubled South African retail group has arranged new credit lines for units in the U.K., U.S. and France as well as agreeing a restructuring of its Austrian division, it said in a presentation published on its website. The announcement came after a meeting with creditors in London on Friday to discuss progress stabilizing the business since it uncovered accounting irregularities on Dec. 5.