The Australian Financial Review reported Steinhoff International’s Australian business has distanced itself from its troubled parent by changing its name to Greenlit Brands and obtaining new financing.
According to the AFR, the company closed a financial package with a syndicate of three banks – ANZ, National Australia Bank and Deutsche Bank – which includes a senior facility of $256 million expiring in October 2020. The new facility replaces a $300 million 12-month facility agreed to in February with Steinhoff’s previous syndicate of six local and international banks.
In the U.S., Steinhoff is the parent company of Mattress Firm.
Reuters reported Steinhoff’s Dutch shareholders are suing the company, which has been under investigation after allegations that management used off-balance-sheet entities to hide losses and artificially pump up its market value.
Follow the story on ABF Journal:
Natixis, Other Banks Unloading Steinhoff Loans
Mattress Firm Parent Steinhoff Reeling from Accounting Scandal