Steinhoff International Holdings NV is seeking a three-year extension on most of its 9.6 billion euros ($11.3 billion) of debt as the retailer battles to come to grips with an accounting scandal that’s wiped more than 96 percent off the share price.
Carillion Plc deceived lenders and investors about its debt levels and was enabled by “complacent” auditors who failed to challenge its “aggressive” accounting, according to a U.K. Parliament report.
Steinhoff International Holdings NV’s shares plunged to a record low after the retailer warned of impairments beyond the 6 billion euros ($7.2 billion) reported in December and said it’s facing at least five lawsuits.
With the deadline looming for private companies to comply with the new revenue recognition standard, many companies are still in the assessment stage and have yet to start the actual implementation work.
Today, you’ll find blockchain solutions from numerous enterprises emerging in the world of financial services, supply chain management, and even healthcare.
The embattled retailer's chairwoman appealed for shareholder support for an ongoing investigation into the smoldering wreckage left by the accounting scandal.
