The group has debts of ten billion euros.
(Photo: dpa)
Dusseldorf The heavily indebted trading group Steinhoff is threatened with failure of its controversial restructuring plan. Shareholder representatives may have collected enough voting rights to be able to stop the project for the time being in a vote at the upcoming Annual General Meeting (AGM) on Wednesday. The situation around what was once Europe’s second-largest furniture retailer would thus continue to deteriorate.
In 2017, Steinhoff had to admit to billion-dollar balance sheet manipulation. In order to get funds into the coffers, the company with German roots has since parted with numerous assets. However, the group, which is based in Amsterdam and has operational headquarters in Johannesburg, South Africa, was unable to achieve permanent restructuring.
The opposing shareholders do not see a viable project in the current restructuring plan either and see themselves as massively disadvantaged by the plans. The concept envisages that the Steinhoff shareholders give up 80 percent of the shares to the creditors, give up their voting rights and accept a delisting, i.e. a withdrawal from the stock exchange floor.
Restructuring plan at Steinhoff: Investor advocates fear total loss
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