The possible selling of assets seams to be perfectly expected and according to the restructuring plan, actually they still have 3 years to sell some assets at a reasonable price, and they're already about to sell.
Steinhoff has said several times that a main part of the restructuring agreement is to give Steinhoff enough time to sell some of their assets at a good price (so avoiding a fire-sale).
Selling at a good price is always good news, yet the market is reacting as if it's some kind of shocking or unexpected news ! or were they just using the occasion to short sell, create pessimism and panic, and see if the price go lower, so they can buy back at a cheaper price, or was it both?
Tom I agree this is how I see the final debt restructure: (The equity sale is swop debt for share holding by existing lenders the same as MF on SA, Conforama, PEPCO and Asia Pacific)
DEBT STRUCTURE Euro- Billion
Initial debt 9800
POCO Debt takeover -140
POCO – Moneys to receive from sale 50% -271
Sale of Kika Leiner -590
Sale of Hemisphere – Should be the next step -400
Sale of Matress Firm 49,9% -550
Recovery from Wieser advance to buy SHP -350
Sale of Conforama properties – In the news -850
Sale of equity to 51% holding– -3,650
Net Debt 2,999
Debt/EDITDA ratio 3.33