Steinhoff woe brings angst to 100 lenders in its Schuldschein

The Austrian subsidiary of Steinhoff issued roughly €650m of Schuldscheine in July 2015 — and, as its shares plunged on Wednesday, over 100 Schuldschein lenders were stuck with little ability to sell the debt. With no majority voting allowed in the Schuldschein market, some question whether the product's lean documentation can cope in headier times.