Steinhoff International Holdings N.V. (SNH.VI)

S.Africa's Steinhoff gains court approval for debt restructure, shares tumble

Steinhoff International said on Wednesday it had received approval from a Dutch court for a debt restructuring plan, paving the way for resolution of an accounting scandal that brought down one of the country's biggest retailers. But its shares on the Frankfurt Stock Exchange and the Johannesburg bourse tumbled almost 60% as shareholders do not gain anything from the plan. The District Court of Amsterdam confirmed the restructuring plan with effect from Wednesday and rejected an application by a stakeholder who asked that the court reject the proposed restructuring, Steinhoff said.