Asia Pacific arm of Steinhoff is working on refinancing debt
The AFR reported that the Asia Pacific arm of Steinhoff is working on refinancing about $500 million of debt, in parallel to efforts aimed at a management buyout. This apparently would cost close to $1.5 billion. Michael Ford, Steinhoff’s AP CEO commented – quite rightly – that the local business can operate without its parents. Steinhoff’s local brands (Harris Scarfe, Best & Less, Fantastic Furniture etc.) were successful in their own right, before becoming a part of Steinhoff’s stable.