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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.’

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