Steinhoff Appoints Advisors Ahead of Shareholders Meeting

By Maryam Cockar Features Dow Jones Newswires

Steinhoff International Holdings NV (SNH.JO) has appointed Moelis & Co. LLP (MC) as an independent financial advisor and AlixPartners LLP as operational adviser with immediate effect, after the South African retailer disclosed possible accounting irregularities.

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Steinhoff announced the appointments after having said Friday that it has rescheduled its annual general meeting in London to Dec. 19. It was originally scheduled for Dec. 11.

Moelis will support and advise on talks with its lenders while AlixPartners will assist on liquidity management and operational measures, Steinhoff said.

Last week, Steinhoff's shares tumbled following the resignation of chief executive Markus Jooste after the company said that it had uncovered possible accounting problems that could affect about $7 billion-worth of its assets.

"The group is currently fully focused on safeguarding operational liquidity to continue funding existing operations throughout its various subsidiaries," Steinhoff said.

Write to Maryam Cockar at maryam.cockar@dowjones.com

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(END) Dow Jones Newswires

December 11, 2017 01:48 ET (06:48 GMT)