Steinhoff shareholders could get some value
Steinhoff shareholders who stood to get nothing as the indebted company entered #estructuring could keep 20% of their shares in the new unlisted company. But it’s still not clear if shareholders will recoup any value for their shares as Steinhoff is insolvent, with its debt exceeding its equity by €3.5bn (R70bn). It owes its lenders €10.2bn with debt due in June — and interest rates of more than 10%.