Steinhoff is trying to pick up the pieces with new CEO, debt deal

By Felicity Duncan

Steinhoff International announced some progress on its attempted restructuring this week. In addition to a new CEO, the company said it had negotiated an extension of its debt lock-up and that its plans for order bankruptcies in its various constituent parts are on track.

In Europe, Steinhoff is proposing a company voluntary agreement (CVA), which is essentially a grand deal with all of its creditors on how much they're going to get paid back. The proposed CVA is subject to various approvals. Its bankruptcy in the US is in good shape – its proceeding with a Chapter 11 as planned. It's also rolling over and dealing with various debt instruments and consolidating its corporate structure. The new CEO, Louis du Preez, is widely seen as a good choice.

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