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The likelihood Steinhoff International Holdings will flesh out the bones of its restructuring plan alongside the release of interim results have lessened after it asked for more time for talks.

 

The South Africa headquartered group — whose UK interests including sofa and bed factories and retailers Bensons for Beds and Harveys — has asked creditors for another three-week window of discussions.


At the beginning of June, the furniture and general merchandise conglomerate said it had received support letters from creditors representing 61 percent of Steinhoff Europe's €5.8 billion debt and from the holders of more than half of its Steinhoff Finance Holding unit's convertible bonds.


In return for a fee payable at the end of the restructuring process, the bulk of creditors agreed not to enforce their rights or bring proceedings against the group, Steinhoff said.


Creditors agreed to a debt standstill until June 30, with Steinhoff now looking for a further extension until July 20. The retailer is scheduled to release unaudited half-year results tomorrow (Jun. 29).



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