Steinhoff requests one-month lock-up agreement extension | Fin24
 
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Steinhoff requests one-month lock-up agreement extension

Oct 15 2018 09:13
Renee Bonorchis, Bloomberg

Steinhoff International [JSE:SNH] said it has asked creditors to agree to an extension of the lock-up agreement, delaying it to November 20 from October 20.

“We have continued to receive significant support from creditors under the lock-up agreement and we remain in positive discussions with them,” Danie van der Merwe, acting head of Steinhoff, said in the statement on Monday.

“Negotiations on the implementation documentation are now well advanced and the one-month extension to the long stop date will give us the necessary time to complete that process ahead of any necessary restructuring processes being launched.”

As part of a broader restructuring Steinhoff’s US Mattress Firm unit has become a subsidiary of Steinhoff Europe, the retailer said in the statement.

Mattress Firm went into bankruptcy earlier this month.

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