Steinhoff Appoints Advisors Ahead of Shareholders Meeting
December 11 2017 - 2:03AM
Dow Jones News
By Maryam Cockar
Steinhoff International Holdings NV (SNH.JO) has appointed
Moelis & Co. LLP (MC) as an independent financial advisor and
AlixPartners LLP as operational adviser with immediate effect,
after the South African retailer disclosed possible accounting
irregularities.
Steinhoff announced the appointments after having said Friday
that it has rescheduled its annual general meeting in London to
Dec. 19. It was originally scheduled for Dec. 11.
Moelis will support and advise on talks with its lenders while
AlixPartners will assist on liquidity management and operational
measures, Steinhoff said.
Last week, Steinhoff's shares tumbled following the resignation
of chief executive Markus Jooste after the company said that it had
uncovered possible accounting problems that could affect about $7
billion-worth of its assets.
"The group is currently fully focused on safeguarding
operational liquidity to continue funding existing operations
throughout its various subsidiaries," Steinhoff said.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
December 11, 2017 01:48 ET (06:48 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Moelis (NYSE:MC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Moelis (NYSE:MC)
Historical Stock Chart
From Apr 2023 to Apr 2024