Steinhoff calls for €200m to stay afloat

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Steinhoff has begun talks with lenders seeking to acquire €200 million in “interim liquidity support” in an attempt to keep itself from collapsing entirely. The South African retail giant, which has been the centre of an accounting scandal in recent months, is reportedly in talks with banks looking to secure funds to support its European operations alongside a temporary waver of its debt agreements. Despite South African banks already pledging €60 million, which will be paid out by the end of the week, Steinhoff cautioned investors that “there can be no assurance that the company will be able to reach agreement with its finance providers on acceptable terms or at all”

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Steinhoff calls for €200m to stay afloat

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