Steinhoff's debt restructure plan challenged

File: Details of the the long-awaited PwC report into irregularities at scandal-hit retail giant Steinhoff are out.

File: Details of the the long-awaited PwC report into irregularities at scandal-hit retail giant Steinhoff are out.

JOHANNESBURG - A Steinhoff creditor is challenging the company’s plans to restructure its convertible debt into a new secured loan.

The company said on Thursday that the challenge was brought by German auditing company LSW GmbH. No reasons were given for the challenge.

READ: More bad news for Steinhoff 

Steinhoff is in the middle of cleaning up its balance sheet after being rocked by a multibillion-rand scandal over a year ago.

Steinhoff wants to restructure three series of equity-linked bonds into a new secured loan.

Source
eNCA