Steinhoff says makes progress with creditors over restructuring

South African retailer Steinhoff, said on Wednesday it had begun a process with creditors for a “lock-up agreement”, which once completed could allow the restructuring of huge debts within three months.

“The launch of the LUA (lock-up agreement) marks the culmination of several weeks of discussions with the ad hoc committees of third party creditors,” Steinhoff said in a statement.

“(It) represents an important step in the restructuring process.”