February 15, 2018 / 7:26 PM / 4 days ago

Germany's BayernLB takes loss on Steinhoff loan -SZ, NDR

FRANKFURT, Feb 15 (Reuters) - German state-backed lender BayernLB has likely made a 60 million euro ($75 million) loss on a loan it gave to troubled South African retailer Steinhoff , German media reported on Thursday.

BayernLB had loaned 200 million euros to Steinhoff and this week sold loans worth about 150 million euros at current market prices, thereby incurring the loss, newspaper Sueddeutsche Zeitung and public broadcaster NDR reported, not citing a source for the information.

The remaining 50 million euros remain on BayernLB’s books for now, with real estate assets serving as collateral, the media said.

A BayernLB spokesman declined to comment.

Steinhoff said earlier on Thursday it had appointed Richard Heis as Chief Restructuring Officer, as the group wrestles with the fallout from its accounting scandal.

Steinhoff revealed accounting irregularities in December, causing an 85 percent fall in its share price that wiped more than $10 billion off its market value and a raft of changes in its boardroom and leadership. ($1 = 0.8006 euros) (Reporting by Christoph Steitz)

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