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Real Economy News in Real Time
R/€ = 16.21 Change: -0.02
R/$ = 14.33 Change: -0.01
Au 1320.94 $/oz Change: 4.21
Pt 852.25 $/oz Change: 2.03
 
 
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Steinhoff says creditor challenges debt restructuring

11th January 2019 BY: Reuters

South African 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.

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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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EDITED BY: Reuters
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