February 15, 2018 / 4:20 PM / 9 months ago

MOVES-Heis to head Steinhoff restructuring

LONDON, Feb 15 (IFR) - Richard Heis has been appointed chief restructuring officer at Steinhoff International, the troubled retailer which is in discussions with its creditors.

Heis was head of accountancy firm KPMG’s global insolvency practice until last November. During his time there he was lead administrator in the UK to MF Global.

Heather Sonn, acting chairperson of Steinhoff, said Heis should “bring significant benefit to the group” as it develops a plan to address its indebtedness.

Steinhoff said in December it needed to restructure its debts after finding irregularities in its accounts.

In recent weeks several banks have sold their loans in the group to third parties. The latest bank to sell was Natixis. JP Morgan has also sold its exposure at around 73% of face value.

Moelis is advising the company. FTI, PJT and Houlihan Lokey are advising various investor groups. (Reporting by Christopher Spink)

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