June 6, 2018 / 7:08 PM / in 14 days

Steinhoff says gets creditor support for two of its finance vehicles

JOHANNESBURG (Reuters) - South African retailer Steinhoff (SNHJ.J) (SNHG.DE), which has been embroiled in an accounting scandal, said on Wednesday it had received creditor support letters for two companies it used to finance its overseas business.

Steinhoff said the support letters for Steinhoff Europe AG and Steinhoff Finance Holding GmbH took effect on Wednesday and underlined creditors’ support for a restructuring plan.

Creditors agreed to interim support measures until June 30, as well as agreeing to subordinate around 154 million euros ($181 million) of their contractual rights against the two firms, Steinhoff said in a statement.

Reporting by Alexander Winning; Editing by Mark Potter

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