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Greenlit Brands holds off disaster

While Steinhoff International has staved off a collapse of its global retail business with support from international lenders for the time being, the company remains deeply in debt and at the mercy of regulators and bankers. Its Australian arm pointed out last January that it was profitable and was not mired in the global woes of the parent company, which is listed on both the Johannesburg and Frankfurt stock exchanges. However, the wholly owned Australian subsidiary was not immune to the l