January 26, 2018 / 2:00 PM / 3 months ago

BRIEF-Steinhoff Says Quarterly Group Trading Update Expected Last Week Of February

Jan 26 (Reuters) - Steinhoff International Holdings NV :

* SAYS CO IS HOLDING A MEETING WITH CERTAIN OF ITS EUROPEAN-BASED FINANCIAL CREDITORS​

* AFTER DEC 19, GROUP HAS CONTINUED TO ENGAGE WITH CREDITORS ON AN AD HOC BASIS ALSO HELD UPDATE MEETINGS WITH SOUTH AFRICAN BANKS ON DEC 21 AND JAN 10‍​

* ALSO HELD UPDATE MEETING WITH CERTAIN EUROPEAN-BASED FINANCIAL CREDITORS ON JAN 26

* SAYS PWC INVESTIGATION ONGOING , TIMING OF 2017 ACCOUNTS AND PRIOR YEAR RESTATEMENTS TO BE CONFIRMED IN CONTEXT OF PWC PROCESS

* CONFORAMA’S FINANCING POSITION HAS BEEN SECURED

* QUARTERLY GROUP TRADING UPDATE EXPECTED LAST WEEK OF FEBRUARY IN LINE WITH USUAL REPORTING TIMETABLE‍​

* COMMITMENT LETTER SIGNED FOR ABL FACILITY OF €115M, EXECUTION EXPECTED ON JAN 29 ALONG WITH FIRST DRAWDOWN

* UK OPCO SHORT TERM FUNDING SECURED ON A LOCAL BASIS AND UK OPCO FINANCING OF £260M HAS BEEN RAISED TO DATE

* ASIA PACIFIC BUSINESSES CONTINUE DISCUSSIONS WITH THEIR BANKS TO SECURE ADDITIONAL FUNDING BY MID FEBRUARY

* KIKA LEINER BUSINESS FACED LIQUIDITY CHALLENGES,RESTRUCTURING PLAN NOW AGREED ON JAN 24

* GROUP IS WORKING TO REPAY ALL THE DEBT OF THE SOUTH AFRICAN HOLDING COMPANIES IN THE NEAR-TERM

* CONTINUES TO TAKE STEPS TO MAINTAIN STABILITY OF ITS OPERATIONS AND IMMEDIATE OPERATIONAL LIQUIDITY REQUIREMENTS HAVE BEEN LARGELY ADDRESSED

* AGREED WITH SOUTH AFRICAN LENDERS THAT AFRICAN SUBSIDIARIES WILL REPAY €200 MILLION OF INTERCOMPANY LOANS DUE TO NON-SOUTH AFRICAN ENTITIES FROM PSG SHARE SALE PROCEEDS Source text: (bit.ly/2DREfyA) Further company coverage:

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