Steinhoff's board to meet this week over asset sales to pay debt

CAPE TOWN (Reuters) - Crisis-hit Steinhoff's board will meet on Thursday and Friday to work out which assets it needs to sell to pay down its debt, the retailer's chairwoman told a parliamentary panel on Wednesday.

Steinhoff was thrown a lifeline in July when its creditors agreed to hold off debt claims for three years.

"They (banks) have given us three years until 2021 to, in a considered way, decide which assets we sell and how we will bring down the debt," Heather Sonn said.

(Reporting by Wendell Roelf; Editing by James Macharia)

2018-08-29 11:26:14

© 2018 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.