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Steinhoff's $10 billion debt 'too high' - chief executive

“All the various debt instruments that previously existed will be re-issued. Secondly, the group at group level will not pay any cash interest,” new CEO Louis du Preez said in a presentation to investors.

Steinhoff's offices in Stellenbosch. Picture: Supplied

CAPE TOWN - Steinhoff’s total debt of over $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%.