European shareholder association VEB agrees to extend standstill arrangement until May 15
Steinhoff International has been granted another reprieve, with European shareholder association VEB agreeing to give the embattled retailer another six weeks’ breathing room so it can stabilise itself.
“The suspension will grant Steinhoff time to continue the ongoing restructuring of its business, make further progress with the internal investigations and finalise its 2017 and 2018 financial statements,” the company said. In March, the overview of PwC’s forensic investigation into Steinhoff revealed that an estimated €6.5bn worth of fictitious transactions between 2009 and 2017 had inflated the group’s profits and asset value.
Steinhoff’s attempt to implement a company voluntary arrangement process in the UK had been stymied since January by LSW GMBH, a group understood to have links to its former partner Andreas Seifert. On January 10, LSW challenged the CVA on the grounds of an alleged debt of about £291.4m it was owed by Steinhoff Europe.
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