July 26, 2018 / 11:40 AM / 20 days ago

Steinhoff unit Hemisphere gets creditor support for debt lock-up

JOHANNESBURG, July 26 (Reuters) - South African retailer Steinhoff said on Thursday that lenders to its subsidiary Hemisphere had agreed to hold on their debt claims and the firm will now move to restructure the company.

The parties will now seek to implement the restructuring of Hemisphere by Aug. 3, Steinhoff said in a statement. Steinhoff’s shares rose more than 9 percent in response to the news.

Steinhoff is fighting for survival after revealing multi-billion euro holes in its balance sheet that wiped away more than 90 percent of its market value and forced it to sell assets to raise working capital. (Reporting by Nqobile Dludla; editing by Jason Neely)

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