South African retailer Steinhoff, has asked creditors for a one-month extension relating to its debt restructuring as it negotiates documents required to implement the plan, it said on Monday.
Steinhoff’s shares fell more than 9 percent on Thursday to a near two-month low after a global market rout and a report by Bloomberg saying the retailer’s former CEO advised friends to sell the firm’s stock days before the shares collapsed.
Steinhoff’s United States unit, Mattress Firm, has filed for voluntary Chapter 11 bankruptcy protection to strengthen its balance sheet and support its parent company’s debt restructuring, the South African company said on Friday.
South African investors including Allan Gray, Old Mutual and Investec’s asset management arm are backing litigation against crisis-hit Steinhoff in the Netherlands.
Former Steinhoff CEO Markus Jooste has denied any knowledge of accounting irregularities at the time he left the company late last year.