Steinhoff says subsidiary Stripes U.S. Holding to hold restructuring meet

South African retailer Steinhoff said on Thursday that the High Court of Justice in England and Wales had granted permission to its subsidiary, Stripes U.S. Holding, to convene a meeting with creditors about a proposed restructuring.

The meeting will consider whether to approve a scheme for creditors to exchange their rights under a revolving credit facility to Stripes U.S. Holding for similar ones involving Steinhoff Europe AG as the borrower.

Steinhoff is fighting for survival after revealing multi-billion euro holes in its balance sheet that wiped more than 90 percent off its market value and forced it to sell assets to fund working capital.