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Why former Tekkie Town owners want Steinhoff liquidated
For one thing, the âfinancial creditorsâ â a third category of claimants â are set to receive the full face value of their debt. 00:01
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The applicants, who exchanged their stake in Tekkie Town for Steinhoff shares worth R1.85bn in 2016, say the proposed settlement offers them no âmeaningful benefitsâ. Image: Moneyweb
The former owners of retail footwear and apparel company Tekkie Town have lobbed a grenade into Steinhoffâs complex plans to settle a swathe of multi-billion euro claims.
In a move that poses a major threat to Steinhoffâs financial creditors and the contractual claimants, former Tekkie Town owners â including founder Braam van Huyssteen and former CEO Bernard Mostert â have filed an urgent application in the Western Cape High Court to have Steinhoff liquidated.