Steinhoff International Holdings NV failed to pass a plan to give creditors 80% of its equity as it sought to be released from its debt that is due at the end of June. Monewyeb DebtRelief
Steinhoff International Holdings NV failed to pass a plan to give creditors 80% of its equity as it sought to be released from its debt that is due at the end of June. Shareholders rejected all the resolutions that were voted on at the global retailer’s annual general meeting held in Amsterdam on Wednesday. The gathering lasted three hours because of numerous questions and accusatory comments.
1 billion euro in liabilities, the proposed reorganisation would have given Steinhoff more time to pay the debt. It would also have left shareholders with 20% of an unlisted company. The plan was to facilitate the orderly wind down of the company, avoid bankruptcy, and “create a stable platform to potentially realise higher proceeds from the controlled sale of the assets,” Du Preez said.
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