Steinhoff International Holdings NV won support from a majority of creditors to restructure its 9.4 billion euros ($11 billion) of debt, seen by the embattled retailer as a vital step toward its recovery from an accounting scandal, Bloomberg News reported. The owner of Conforama in France and Mattress Firm in the U.S. sought a three-year extension to payments due to lenders and bondholders as the South African company repairs its balance sheet. About 89 percent of holders of debt in Steinhoff Europe AG agreed to the terms and the retailer will seek to wrap up the plan by the Friday deadline. Between 92 percent and 99 percent of holders of convertible bonds due 2021, 2022 and 2023 issued out of Steinhoff Finance Holding GmbH backed the plan, while holders of 89 percent of Stripes US Holding Inc. debt signed the agreement. The company still needs to complete final steps before the lock-up agreement with creditors becomes effective, Steinhoff said.
