South African retailer Steinhoff remains in a "tough position" and is talking to creditors about restructuring debt, the company said on Friday.
Steinhoff, is fighting for its survival after discovering holes in its books in December.
Steinhoff's total borrowings stand at 10.4 billion euros ($12.7 billion), racked up in an acquisition spree over the last decade.
Newly appointed finance head Philip Dieperink said the company had sufficient cash to meet its immediate needs but had technically breached some debt agreements and remains in a "tough position".
Steinhoff is trying to renegotiate its debt and will likely sell more assets as part of any restructuring plan, Dieperink said.
The shareholder meeting in Amsterdam was being streamed to an exhibition and trade show centre in Cape Town, where there were dozens of protesters, led by civil servants union Public Service Union (PSA).
"Our main concern is that the current board that is sitting in Steinhoff are the ones that are responsible for the loss of pension money, which directly affects our members and pensioners," said Reuben Maleka, a member of trade union PSA
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