A Mattress Firm store is shown in Encinitas, California
South Africa's Steinhoff says creditor challenges debt restructuring
JOHANNESBURG (Reuters) - South African retailer Steinhoff said on Thursday a creditor is challenging the company's plans to restructure its convertible debt into new secured loans.
Steinhoff is in the middle of a cleaning up its balance sheet after discovering a multibillion euro holes in its balance sheet more than a year ago.
Under the so-called company voluntary arrangement, or CVA, Steinhoff wants to restructure three series of equity-linked bonds due 2021, 2022 and 2023 into a new secured loans.
The challenge was brought by a creditor called LSW GmbH, Steinhoff said, without giving reasons behind it.
(Reporting by Tiisetso Motsoeneng; Editing by Jan Harvey)
© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.