A sign is seen in a Poundland store in London
Steinhoff's $10 billion debt "too high" - chief executive
CAPE TOWN (Reuters) - South African retailer Steinhoff's total debt of over 9 billion euros ($10.1 billion) is "too high" and needs to be urgently addressed, new chief executive Louis du Preez said on Tuesday as the firm unveiled its restructuring plan.
"All the various debt instruments that previously existed will be re-issued. Secondly, the group at group level will not pay any cash interest," du Preez said in a presentation to investors.
"The debt in this group is too high ... We acknowledge as the group that this debt is extremely expensive," said du Preez, adding the debt matured in December 2021 at coupon rates between 7.875% and 10.75%. ($1 = 0.8936 euros)
(Reporting by Wendell Roelf; Writing by Mfuneko Toyana; Editing by Keith Weir)
© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.