JOHANNESBURG (Reuters) - South African retailer Steinhoff said on Thursday a creditor is challenging the company’s plans to restructure its convertible debt into new secured loans.
Steinhoff is in the middle of a cleaning up its balance sheet after discovering a multibillion euro holes in its balance sheet more than a year ago.
Under the so-called company voluntary arrangement, or CVA, Steinhoff wants to restructure three series of equity-linked bonds due 2021, 2022 and 2023 into a new secured loans.
The challenge was brought by a creditor called LSW GmbH, Steinhoff said, without giving reasons behind it.
Reporting by Tiisetso Motsoeneng; Editing by Jan Harvey