WATCH: Steinhoff says could issue shares to help settle lawsuits
INTERNATIONAL – South African retailer Steinhoff International said on Friday it might issue stock as part of efforts to resolve claims brought against it through lawsuits related to an accounting fraud worth an estimated $7 billion.
Steinhoff has been battling with the fallout from the scandal after flagging holes in its accounts in December 2017. The company is fighting for its survival, having declared billions of dollars in losses and seen its shareholder equity wiped out.
The retailer said it was preparing its defences in relation to various claims being made against it as a result, but would consider early resolution of these including via settlement arrangements permitted as part of a financial restructuring implemented in August.
Source: iol.co.za