Lenders sell Steinhoff exposure

摘要

Banks are dumping their exposure to troubled South African retailer steinhoff, with natixis being the latest bank to sell out completely, and hedge funds are proving to be willing buyers of the paper. Natixis has sold out of its approximately US$110m-equivalent exposure in Steinhoff, which is fighting for survival after discovering accounting irregularities in December that triggered an 85% share price slide in the group and a raft of changes in its boardroom and leadership.