Steinhoff's Europe units implements financial restructuring
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))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Other Topics
World MarketsLatest Markets Videos
Explore Markets
ExploreMost Popular
- Stimulus Update: MIllions Will Get a Stimulus Check in June. Are You One of Them?
- Social Security Checks Could Soar in 2023: Here's How Much Extra Seniors Might Receive
- Better Buy: Dogecoin vs. Terra Classic vs. Terra (LUNA)?
- Bitcoin Uses 50 Times Less Energy Than Traditional Banking, New Study Shows