Steinhoff International Holdings NV is seeking a three-year extension on most of its 9.6 billion euros ($11.3 billion) of debt as the retailer battles to come to grips with an accounting scandal that’s wiped more than 96 percent off the share price.

The owner of Conforama in France and Mattress Firm in the U.S. presented an initial restructuring plan to creditors in London on Friday it said is “essential” for the company to survive. Steinhoff proposed its holding company debt be extended and that it pay no cash interest, except on loans of the Hemisphere real estate unit.

The company has hired PwC to probe its finances after reporting a hole in its accounts of more than 6 billion euros, with the outcome expected by the end of the year. In the meantime lawsuits are mounting, with ex-Chairman Christo Wiese suing the company for 59 billion rand ($4.6 billion). Chief Executive Officer Markus Jooste has quit and the company has vowed to bring those responsible for the wrongdoing to justice.

In The Red

Advisory fees related to legal issues, restructuring costs and investigating the financial irregularities pushed Steinhoff into the red in the six months through March, the company said in a statement. Impairments and losses taken on asset disposals have also weighed on the retailer’s bottom line, it said. Sales rose 1 percent to 9.4 billion euros.

The company’s fall from grace comes after a rapid expansion in which it bought Pepkor, Africa’s biggest clothing chain, from Wiese in 2015. Aside from Mattress Firm, Steinhoff also acquired Poundland in the U.K. and Fantastic Holdings in Australia. As part of a review of the business, Steinhoff rated its companies around the world based on criteria including whether they need funding and if there’s any buyer appetite.

The review found that Mattress Firm and Austrian furniture retailer Kika and Leiner need a cash injection. At the other end of the spectrum, Conforama is seen as sellable but not yet at the right value, while Poundland and Pepkor Europe have been rated stable and marketable.

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