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Steinhoff says firm linked to former partner claims it is owed $330 mln
JOHANNESBURG, Jan 22 (Reuters) - South African retailer
International Holdings N.V. said on Tuesday a former
partner firm of its European operations claims it is owed about
291 million euros ($331 million) by the company.
Steinhoff is in the middle of a clean-up of its balance
sheet after discovering multi-billion euro holes in its balance
sheet more than a year ago.
LWS GmbH, a company linked to Austrian businessman Andreas
Seifert, claims to be a creditor of Steinhoff Europe AG (SEAG),
the parent company said.
Steinhoff was notified earlier this year that LWS planned to
challenge a company voluntary arrangement for SEAG proposed on
Dec. 14. [nL8N1ZA6BC]
Seifert has an ongoing dispute in the Austrian courts
against SEAG, Steinhoff Investor Relations Officer Reina de Waal
confirmed in an emailed response to questions.
Steinhoff and Seifert, a former business partner, were in
dispute over the ownership of discount furniture store chain
POCO.
Under the so-called company voluntary arrangement, Steinhoff
wants to restructure SEAG's debt by way of a new term loan
facility to be issued by a newly incorporated Luxembourg company
which shall sit as an indirect subsidiary of SEAG. [nJsed0099a]
"The company continues to work towards the implementation of
the financial restructuring of the group and management
continues to support and focus on the ongoing operations,"
Steinhoff said in a statement.
Steinhoff anticipates publishing its group audited financial
statements for 2017 and 2018 by April 18, "subject to any delay
caused by the challenge to the SEAG CVA."
At 0738 GMT, the Johannesburg-listed shares of Steinhoff
were down 1.06 percent versus a 0.56 percent decline in the
broader index <.JALSH>.
($1 = 0.8806 euros)
(Reporting by Nqobile Dludla; editing by Jason Neely)
((nqobile.dludla@thomsonreuters.com; +27117753126; Reuters
Messaging: nqobile.dludla.thomsonreuters.com@reuters.net))
JOHANNESBURG, Jan 22 (Reuters) - South African retailer
International Holdings N.V. said on Tuesday a former
partner firm of its European operations claims it is owed about
291 million euros ($331 million) by the company.
Steinhoff is in the middle of a clean-up of its balance
sheet after discovering multi-billion euro holes in its balance
sheet more than a year ago.
LWS GmbH, a company linked to Austrian businessman Andreas
Seifert, claims to be a creditor of Steinhoff Europe AG (SEAG),
the parent company said.
Steinhoff was notified earlier this year that LWS planned to
challenge a company voluntary arrangement for SEAG proposed on
Dec. 14. [nL8N1ZA6BC]
Seifert has an ongoing dispute in the Austrian courts
against SEAG, Steinhoff Investor Relations Officer Reina de Waal
confirmed in an emailed response to questions.
Steinhoff and Seifert, a former business partner, were in
dispute over the ownership of discount furniture store chain
POCO.
Under the so-called company voluntary arrangement, Steinhoff
wants to restructure SEAG's debt by way of a new term loan
facility to be issued by a newly incorporated Luxembourg company
which shall sit as an indirect subsidiary of SEAG. [nJsed0099a]
"The company continues to work towards the implementation of
the financial restructuring of the group and management
continues to support and focus on the ongoing operations,"
Steinhoff said in a statement.
Steinhoff anticipates publishing its group audited financial
statements for 2017 and 2018 by April 18, "subject to any delay
caused by the challenge to the SEAG CVA."
At 0738 GMT, the Johannesburg-listed shares of Steinhoff
were down 1.06 percent versus a 0.56 percent decline in the
broader index <.JALSH>.
($1 = 0.8806 euros)
(Reporting by Nqobile Dludla; editing by Jason Neely)
((nqobile.dludla@thomsonreuters.com; +27117753126; Reuters
Messaging: nqobile.dludla.thomsonreuters.com@reuters.net))
