Steinhoff International Holdings has detailed the application put forward by the company of former business partner Andreas Seifert to block the voluntary administration of its European business.
According to the furniture conglomerate, the application alleges that Steinhoff Europe owed LSW GmbH a total of $464.86 million (291.4 million) as of 14 December 2018, and seeks to challenge certain provisions of the [Steinhoff Europe voluntary arrangement].
While no other claim was made against the business, the voluntary administration cannot go forward without first settling LSWs claims.
Steinhoff previously had agreed to sell its shares in the POCO furniture business to entities controlled by Seifert for $436.8 million (270 million), tho…
Read the full article at: https://www.insideretail.com.au/news/world/steinhoff-europe-said-to-owe-creditor-464-86-million-201901