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Steinhoff shareholders approve appointment of new board

April 20 (Reuters) -

STEINHOFF CEO: DEBT LEVEL OF 10.4 BILLION EUROS IS TOO HIGH

* STEINHOFF CEO: CONTINUING TO DEVELOP AND BUILD SUPPORT AMONG CREDITORS FOR RESTRUCTURING PLAN

* STEINHOFF CFO: COMPANY IN A "TOUGH POSITION" AT THE MOMENT

* STEINHOFF CFO: IN DISCUSSION WITH LENDERS ON HOW BEST TO ADDRESS SITUATION

* STEINHOFF CFO: SUFFICIENT CASH ON HAND TO ADDRESS IMMEDIATE REQUIREMENTS

* STEINHOFF CFO: CAPITAL STRUCTURE OF COMPANY NEEDS TO BE "REPLACED", DEBT REDUCED

* STEINHOFF COMMERCIAL DIRECTOR: COMPANY HAS TECHNICALLY BREACHED SOME DEBT AGREEMENTS

* STEINHOFF COMMERCIAL DIRECTOR: WORKING WITH CREDITORS TO ENSURE TECHNICAL BREACHES DON'T LEAD TO DEFAULTS

* STEINHOFF CFO: WILL ENGAGE WITH EACH LENDER GROUP WHEN CAPITAL PAYMENTS BECOME DUE

* STEINHOFF CFO: SELLING ASSETS LIKELY WILL FORM PART OF RESTRUCTURING PLAN

* STEINHOFF ACTING CHAIRWOMAN: DIRECTORS WHO QUIT ALL HAD DIFFERENT REASONS

* STEINHOFF CEO: COMPANY WILL FACE HIGHER BORROWING COSTS IN THE FUTURE, AND "THAT'S A PROBLEM"

* STEINHOFF CHAIRWOMAN: NO CURRENT OR PROPOSED MEMBERS OF BOARDS IMPLICATED IN ACCOUNTING IRREGULARITIES

* STEINHOFF CHAIRWOMAN: ANY MEMBER OF BOARDS IMPLICATED IN ACCOUNTING IRREGULARITIES WILL STEP DOWN

* STEINHOFF SHAREHOLDERS APPROVE APPOINTMENT OF PHILIP DIEPERINK AS CFO

* STEINHOFF SHAREHOLDERS APPROVE APPOINTMENT OF FIVE NEW BOARD MEMBERS

* STEINHOFF SHAREHOLDERS APPROVE REAPPOINTMENT OF SONN, BOOYSEN, KRUEGER-STEINHOFF TO SUPERVISORY BOARD Further company coverage:

First Published: 2018-04-20 16:18:56
Updated 2018-04-20 16:45:42


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