Steinhoff Says It Can Pay Back Debt for Now; Seeks Refinancing

Steinhoff International Holdings N.V. (SNH.JO) said Thursday that, for the short-term, it can pay back its debt obligations at the agreed-upon on rate.

The South African retailer said it would seek refinancing as soon as possible for its South African debt in order to release liquidity. The company also said it planned to sell a limited number of assets to further raise liquidity.

According to Steinhoff, after having received the support of its creditors in recent weeks, it would seek limited waivers of its financing arrangements in Europe.

The waivers will exclude the financing of its Mattress Firm business as well as Pepkor Europe, which include Poundland UK.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

January 18, 2018 09:28 ET (14:28 GMT)