April 20, 2018 / 2:46 PM / 3 months ago

BRIEF-Steinhoff shareholders approve appointment of new board

April 20 (Reuters) -

STEINHOFF CEO: DEBT LEVEL OF 10.4 BILLION EUROS IS TOO HIGH

* STEINHOFF CEO: CONTINUING TO DEVELOP AND BUILD SUPPORT AMONG CREDITORS FOR RESTRUCTURING PLAN

* STEINHOFF CFO: COMPANY IN A “TOUGH POSITION” AT THE MOMENT

* STEINHOFF CFO: IN DISCUSSION WITH LENDERS ON HOW BEST TO ADDRESS SITUATION

* STEINHOFF CFO: SUFFICIENT CASH ON HAND TO ADDRESS IMMEDIATE REQUIREMENTS

* STEINHOFF CFO: CAPITAL STRUCTURE OF COMPANY NEEDS TO BE “REPLACED”, DEBT REDUCED

* STEINHOFF COMMERCIAL DIRECTOR: COMPANY HAS TECHNICALLY BREACHED SOME DEBT AGREEMENTS

* STEINHOFF COMMERCIAL DIRECTOR: WORKING WITH CREDITORS TO ENSURE TECHNICAL BREACHES DON’T LEAD TO DEFAULTS

* STEINHOFF CFO: WILL ENGAGE WITH EACH LENDER GROUP WHEN CAPITAL PAYMENTS BECOME DUE

* STEINHOFF CFO: SELLING ASSETS LIKELY WILL FORM PART OF RESTRUCTURING PLAN

* STEINHOFF ACTING CHAIRWOMAN: DIRECTORS WHO QUIT ALL HAD DIFFERENT REASONS

* STEINHOFF CEO: COMPANY WILL FACE HIGHER BORROWING COSTS IN THE FUTURE, AND “THAT’S A PROBLEM”

* STEINHOFF CHAIRWOMAN: NO CURRENT OR PROPOSED MEMBERS OF BOARDS IMPLICATED IN ACCOUNTING IRREGULARITIES

* STEINHOFF CHAIRWOMAN: ANY MEMBER OF BOARDS IMPLICATED IN ACCOUNTING IRREGULARITIES WILL STEP DOWN

* STEINHOFF SHAREHOLDERS APPROVE APPOINTMENT OF PHILIP DIEPERINK AS CFO

* STEINHOFF SHAREHOLDERS APPROVE APPOINTMENT OF FIVE NEW BOARD MEMBERS

* STEINHOFF SHAREHOLDERS APPROVE REAPPOINTMENT OF SONN, BOOYSEN, KRUEGER-STEINHOFF TO SUPERVISORY BOARD Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below