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Steinhoff's Europe units implements financial restructuring

Credit: REUTERS/Mike Hutchings

Scandal-hit Steinhoff said on Wednesday its European subsidiaries have implemented a financial restructuring plan, after pushing the deadline date back repeatedly.

JOHANNESBURG, Aug 14 (Reuters) - Scandal-hit Steinhoff SNHJ.J said on Wednesday its European subsidiaries have implemented a financial restructuring plan, after pushing the deadline date back repeatedly.

Steinhoff Europe AG (SEAG) and Steinhoff Finance Holding GmbH (SFHG) entered into a company voluntary arrangement (CVA) in 2018 with its creditors.

A CVA is a UK legal process that allows a company with debt problems to reach a voluntary agreement with creditors over the payment of its debts while continuing to trade.

(Reporting by Nqobile Dludla; editing by Jason Neely)

((nqobile.dludla@thomsonreuters.com; +27115952816; Reuters Messaging: nqobile.dludla.thomsonreuters.com@reuters.net))

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