Steinhoff Netherlands lawsuit suspended until next year

The suspension will give Steinhoff time to focus on its recovery, restructure some subsidiary debt.

Investors who are suing Steinhoff have agreed to suspend litigation until 3 April next year so that the company can focus on its recovery.

The lawsuit was brought by VEB/European Investors in The Netherlands with the aim of compensating investors for the more than 14 billion euros ($16 billion) that was wiped off Steinhoff’s market value since it was uncovered that the certain financial statements, prospectuses and press releases issued by the company had irregularities. 

The company-in-crisis has been working on a deal to restructure the debt of some subsidiaries with its creditors. 

Danie van der Merwe, acting CEO, said: 

“This agreement allows us time to focus on completing these tasks in the interests of all stakeholders.”