Steinhoff’s debt over $10 billion

Steinhoff’s CEO Louis du Preez said on Tuesday as he was unveiling the companies restructuring plan that the total debt of the company is over $10.1 billion which is “too high”.

The scandal-hit South African retailer Steinhoff says that their only hope for survival is to sell off assets to become a retail-focused investment holding firm, their loses of $4 billion a year started when they flagged holes in their accounts in December 2017.

Louis du Preez said “All the various debt instruments that previously existed will be re-issued. Secondly, the group at the group level will not pay any cash interest,” He added that “The debt in this group is too high … We acknowledge as the group that this debt is extremely expensive,”