UPDATE 1-Crisis-hit Steinhoff says stabilizing its main businesses

(Adds details, shares)

JOHANNESBURG, Jan 26 (Reuters) - Steinhoff said it had bought itself some breathing space as the troubled South African retail group tallies the damage stemming from an accounting scandal.

Steinhoff, which owns more than 40 brands including Poundland in Britain, admitted "accounting irregularities" last month, sparking an 85 percent share price slide that wiped more than $10 billion off its market capitalisation.

In a presentation to European lenders, Steinhoff said it expected to give a quarterly trading update at the end of February. It was forced to postpone the release of financial results when the crisis broke in December.

Shares in Steinhoff turned positive shortly after the news, rising 1.7 percent to 7.56 rand. The stock rose more than 5 percent in Frankfurt, where the company has a primary listing.

The company this week raised 7.1 billion rand ($595 million)from the sale of a stake in investment firm PSG Group as part of efforts to plug a liquidity hole.

"The group continues to take steps to maintain stability of its operations and immediate operational liquidity requirements have been largely addressed," it said in parts of the presentation on its website.

Steinhoff is also in the final stages of putting the finances of more subsidiaries on a new footing, after securing fresh money for Poundland, France's Conforama and U.S. group Mattress Firm over the last three weeks, the company said.

Its Asia Pacific businesses continued discussions with their banks to secure additional funding by mid-February. ($1 = 11.9180 rand) (Reporting by Tiisetso Motsoeneng; Editing by Keith Weir)