January 10, 2019 / 9:14 PM / 5 months ago

South Africa's Steinhoff says creditor challenges debt restructuring

JOHANNESBURG, Jan 10 (Reuters) - South African retailer Steinhoff said on Thursday a creditor is challenging the company’s plans to restructure its convertible debt into new secured loans.

Steinhoff is in the middle of a cleaning up its balance sheet after discovering a multibillion euro holes in its balance sheet more than a year ago.

Under the so-called company voluntary arrangement, or CVA, Steinhoff wants to restructure three series of equity-linked bonds due 2021, 2022 and 2023 into a new secured loans.

The challenge was brought by a creditor called LSW GmbH, Steinhoff said, without giving reasons behind it. (Reporting by Tiisetso Motsoeneng; Editing by Jan Harvey)

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