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1.Market Observations, 5.Troubled companies, 8.Was Sticky

21 Dec 2017 (AFR) – Steinhoff scandal expected to trigger asset sales in Australia

(21 December 2017, AFR, p13, by Sue Mitchell)

‘Steinhoff International’s $1 billion Australian business could be split up and sold off if banks owed €10.7 billion ($16 billion) ignore the company’s pleas for support and pull the plug. Industry players believe Steinhoff’s Australian furniture businesses Freedom, Fantastic Furniture and Snooze, and department store chains Harris Scarfe and Best & Less could come on the market sooner rather than later as nervous local lenders move to protect their positions. “Everyone will be heading for the exit,” said one source.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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