Steinhoff leaks

What’s driving up the price?




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Suppose they had to get better, good news for the pensioners

www.bloomberg.com/news/articles/2018-07-...s-at-inflated-prices

lots rats running for cover. going back so far makes u wonder about all his deals ever made.
the forestry deal has some intersting people involved not yet listed in reports.

salt of the earth.

www.moneyweb.co.za/news/companies-and-de...-over-restructuring/

the entire Steinhoff business is smoke and mirrors. Any share bounce must be viewed with caution.
Also take what is happening at STAR into account and Steinhoff could be a very bad bet.

any deal made since 2000 needs to be reviewed. the forestry thing is a biggy as that spreads to other entities as well.

PG Bison and KAP

Share price up? Was called "THE DEAD CAT BOUNCE " :lol:

....a total swindle from the get go....will take years to unravel and in the meantime Jooste lives in the manner he has become accustomed to.... :blink:

Just for this morning.


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www.moneyweb.co.za/news/companies-and-de...-restructuring-plan/

Steinhoff wins creditor support for debt restructuring plan

Steinhoff won R148bn in creditor support to settle payments due to lenders and bondholders.
Luca Casiraghi and Janice Kew, Bloomberg / 19 July 2018 13:03
STEINHOFF N.V. R3.36 0.36 2018/07/19, 13:19:00

Steinhoff won support from a majority of creditors to restructure its 9.4 billion euros ($11 billion /R148 billion) of debt, seen by the embattled retailer as a vital step toward its recovery from an accounting scandal.

The owner of Conforama in France and Mattress Firm in the US sought a three-year extension to payments due to lenders and bondholders as the South African company repairs its balance sheet. About 89% of holders of debt in Steinhoff Europe agreed to the terms and the retailer will seek to wrap up the plan by the Friday deadline, according to a Thursday statement.

The shares gained 12% to 0.22 euros as of 12:52 p. in Frankfurt, where the company moved its primary listing from Johannesburg in 2015. The stock has shed 93% of its value since late last year, when Steinhoff reported financial irregularities and Chief Executive Officer Markus Jooste quit.

Between 92% and 99% of holders of convertible bonds due 2021, 2022 and 2023 issued out of Steinhoff Finance Holding GmbH backed the plan, while holders of 89% of Stripes US Holding debt signed the agreement.

The company still needs to complete final steps before the lock-up agreement with creditors becomes effective, Steinhoff said.

One of the conditions is that directors of its Austrian units Finance Holding GmbH and Europe must establish a “positive going concern,” it said in a statement last week. If the agreement fails to come into force by Friday, the boards of the subsidiaries “will need to assess their options, including local reorganisation procedures, and obligations under the applicable Austrian law,” the company said.

smoke and mirrors.
the creditors will get torched if Steinhoff defaults.

positive going concern?????. This is unlikely and the audit that will be completed in December 2018 will be the final nail in this entity.

Parliament, Wednesday, 8 August 2018 – In view of the fact that representatives of Steinhoff have to appear in court in the Netherlands on 21 August and can only make the proposed 22 August meeting by around noon, as well as the Parliamentary Budget Office budget conference on 22 August, among other reasons, the Steinhoff briefing has been postponed to Wednesday, 29 August 2018.

ISSUED BY PARLIAMENTARY COMMUNICATION SERVICES ON BEHALF OF THE CHAIRPERSON OF THE STANDING COMMITTEE ON FINANCE, MR YUNUS CARRIM.

www.sabcnews.com/sabcnews/steinhoff-parl...y-hearing-postponed/