Steinhoff International`s shares, which Steinhoff International are shockingly distressed, recovered 39% on Wednesday afternoon after the retailer said it had begun approval proceedings for a debt restructuring deal. The debt restructuring involves financing companies from the Steinhoff, Steinhoff Europe and Steinhoff Finance teams, as well as Stripes US Holding.Steinhoff said in a statement that the deal was the culmination of several weeks of talks with creditors. The lock-in agreement provides limited non-compliance and status quo commitments for internal and external creditors to facilitate the implementation of a debt restructuring that is expected to last three years. The aim is to ensure the stability of Steinhoff and its stakeholders. Steinhoff International has been batting for a furious fire since December, when it revealed accounting irregularities, which the scalp of Markus Jooste, then CEO, claimed. Steinhoff Internationals… In December 2015, Steinhoff International transferred the main listing to the Frankfurt Stock Exchange and created a new Dutch holding company based in Amsterdam. The management remained in South Africa. [Citation required] In December 2017, the Standing Committee on Finance of the Parliament of the Republic of South Africa condemned Steinhoff and requested that the company investigate the company by regulators, including the Financial Services Board (FSB) and the South African Reserve Bank (SARB).
   In 2015, pepkor, a small business company and low-end holding company, became a member of the Steinhoff International Group for $5.7 billion.  In July 2016, British discount retail chain Poundland accepted Steinhoff`s $597 million takeover bid, which then increased Steinhoff`s $610 million in August 2016.  The acquisition was approved by shareholders in September 2016.  For more details on the third quarter results and for more information about Pepco Group, the operator of PEPCO, the leading retail company in Central Europe, can be found on the PEPCO Group`s website (www.pepcogroup.eu/). Stellenbosch, February 5, 2020 . Steinhoff`s South African brands include Ackermans, Buco, Dunns, Flash, HiFi Corp, Incredible Connection, John Craig, Pennypinchers, Pep, Refinery, Russels, Shoe City, Tekkie Town, Timbercity and Unitrans.  Powersales is another African Steinhoff brand. A subscription helps you get the best out of our business content every day, as well as benefits like exclusive Financial Times articles, ProfileData financial data and digital access to the Sunday Times and Sunday Times Daily. Steinhoff International is an international German-South African commercial holding company listed on the German Stock Exchange.