Despite owning assets such as Pepkor stakes, the company will remain insolvent as it is not valuable enough to fix its capital structure
Shareholders in Steinhoff could not let creditors take over the crisis-hit company and benefit from the potential upside in its equity.
Broadly, Du Preez had hammered out a deal with creditors under which the latter would give Steinhoff a three-year breathing space from debt obligations in exchange for the 80% equity stake, It is hard to see the wisdom in the vote.
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