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BRIEF-Steinhoff has expressions of interest in non-core assets worth at least 1 bln eur of liquidity
December 6, 2017 / 5:44 PM / 9 days ago

BRIEF-Steinhoff has expressions of interest in non-core assets worth at least 1 bln eur of liquidity

Dec 6 (Reuters) - Steinhoff:

* SAYS ‍SUPERVISORY BOARD HAS TODAY GIVEN FURTHER CONSIDERATION TO ISSUES SUBJECT TO INVESTIGATION AND TO VALIDITY AND RECOVERABILITY OF CERTAIN NON-SOUTH AFRICAN ASSETS OF COMPANY WHICH AMOUNT TO CIRCA EUR6BN.​

* SAYS ‍COMPANY WISHES TO PROVIDE ADDITIONAL COMFORT ON COMPANY‘S LIQUIDITY​

* SAYS ‍COMPANY HAS TODAY RECEIVED EXPRESSIONS OF INTEREST IN CERTAIN NON-CORE ASSETS THAT WILL RELEASE A MINIMUM OF EUR1BN OF LIQUIDITY​

* SAYS ‍SUBSIDIARY STEINHOFF AFRICA RETAIL LIMITED (STAR) WILL TODAY FORMALLY COMMIT TO REFINANCING OF ITS LONG-TERM LIABILITIES DUE TO COMPANY​

* SAYS ‍ADDITIONAL LIQUIDITY OF ABOUT EUR2BN EXPECTED TO BE ACHIEVED THROUGH THESE MEASURES WILL STRENGTHEN BALANCE SHEET, SHOULD PROVIDE COMFORT TO STAKEHOLDERS OF COMPANY‘S ABILITY TO FUND EXISTING OPERATIONS AND REDUCE DEBT​

* SAYS ‍NO EVIDENCE TO SUGGEST THAT CFO HAD ANY INVOLVEMENT IN MATTERS UNDER INVESTIGATION​

* SAYS ‍COMPANY WISHES TO CONFIRM THAT CFO REMAINS IN HIS POSITION​ Source text for Eikon: Further company coverage:

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