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.”
