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  Tiered credit: banks are at risk at Steinhoff | News | Bit Updates
Home » bitcoin updates » Tiered credit: banks are at risk at Steinhoff | News

Tiered credit: banks are at risk at Steinhoff | News

Friday, December 8th, 2017 | bitcoin updates

According to the latest available data from the half-yearly report at the end of March, non-current liabilities amount to 12.1 billion and short-term liabilities to around 5.9 billion euros. Steinhoff had postponed publication of the figures for the financial year ending at the end of September until further notice. However, the big unknown was financial instruments that were not on the balance sheet and could possibly lead to new bank debts, according to Adrian Saville, head of Cannon Asset Managers in Johannesburg. Rating agency Moody's downgraded Steinhoff's credit following the recent turmoil on Ramsch. The company, which is listed in Johannesburg and Frankfurt, has lost around 80 percent of its value in the past three days after being investigated for accounting irregularities and its CEO Markus Jooste had to go. Steinhoff's business partners include Citigoup, Bank of America, HSBC and BNP Paribas. Steinhoff now wants to meet with the lenders of two important pillars of corporate finance, the Bloomberg news agency said on Thursday citing informed persons. It was a credit line for 2.9 billion euros and a loan of $ 4 billion, which Steinhoff had taken for the acquisition of the US company Mattress Firm. Steinhoff could not be reached for a comment. The banks did not want to comment. Steinhoff, however, said on Friday afternoon that a meeting scheduled for Monday with bankers in London had been postponed for a week until 19 December. The Group said it would meet with bankers annually to discuss the latest business results. /nas/kro/theAMSTERDAM/JOHANNESBURG (dpa-AFX) Image sources: Steinhoff International Holdings N.V.


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