Steinhoff International has secured 100 per cent of third-party creditor support after announcing its lock-up agreement (LUA) became effective as of July 20th.
Initially, it seemed the furniture group were having issues gaining the necessary support, though that fear has now passed as the agreement is in full effect.
The company is pleased to announce that 100 per cent in value of the third-party creditors under Hemispheres EUR750m revolving credit facilityhave now entered into the hemisphere LUA, the group announced via an investor update.
The company and the hemisphere lenders are continuing discussions on implementation of the restructuring of the financial indebtedness of hemisphere[and] are now seeking to execute the materi…
Read the full article at: https://www.insideretail.com.au/news/steinhoff-gains-100-per-cent-creditor-support-201808