Steinhoff identifies €1bn noncore assets to boost liquidity

Steinhoff identifies €1bn noncore assets to boost liquidity: In the grip of an accounting scandal that led to it indefinitely postponing the release of its 2017 financial results, JSE-listed retail multinational Steinhoff  noted on Thursday that it had received expressions of interest in noncore assets that will release a minimum of €1-billion of liquidity. Further, Africa-focused subsidiary Steinhoff Africa Retail (STAR) will today formally commit to refinancing its long-term liabilities due to the company. It is expected that the STAR refinancing will be concluded on better terms than those applicable to STAR’s current liabilities due to Steinhoff, given the strong cash flow inherent in its business.