By Oliver Griffin
Steinhoff International Holdings NV (SNH.JO) said Friday that its European subsidiary has received a challenge from LSW GmbH, which claims to be a creditor, regarding its proposed company voluntary arrangement.
The South African retailer said that the implementation of the company voluntary arrangement in relation to Steinhoff Europe AG won't happen until the challenge from LSW has been resolved.
Similarly, the company voluntary arrangement for Steinhoff Finance Holding GmbH will also be on hold until the dispute is settled, Steinhoff said.
Steinhoff said it and its subsidiary are examining the detail of the challenge and will provide further updates as appropriate.
Steinhoff said it continues to work towards the financial restructuring of the group.
Write to Oliver Griffin at firstname.lastname@example.org; @OliGGriffin