South African furniture conglomerate Steinhoff International Holdings has seen the voluntary administration of its European arm blocked by a company claiming to be a creditor, according to a release sent to investors.
The company known as LSW GmbH an entity reportedly related to Andreas Seifert, who,according to BusinessDay, currently has a dispute in the Austrian courts against Steinhoff Europe AG lodged an application challenging the voluntary arrangement on the day it was announced.
As a result, the administration cannot be completed until the application has been settled, delaying Steinhoffs restructuring plans.
While Steinhoff examines the details of the application, it noted it will continue to work towards the financial rest…
Read the full article at: https://www.insideretail.com.au/news/world/steinhoff-europe-blocked-from-going-into-voluntary-administration-201901