der Managementaussagen der letzten Monate aus Q3 und danach folgenden EQS zur Restrukturierung der Group Service Debt.
Letzte Aussage vom 22.11., also ca. 3 Wochen vor der EQS Flut mit anschließendem wegspülen von Buch- und Realwerten, spricht zwar nur noch von Laufzeitverlängerung, aber wie weit die Vorschläge aus den EQS dort bereits eine Rolle spielten, konnte keiner ahnen:
„Management priorities
1. Step 3 – Restructuring debt with a view to extending the duration
The Group has corporate debt totalling approximately €10 billion. This debt is split into a number of different classes, each with different rights and obligations, and each class is held by a number of different investors
– predominantly investors that focus on distressed credit.
Interest rates are increasing in line with the inflation outlook. Discussions with our debt holders are
being managed in line with these developments. Restructuring debt of this quantity and complexity remains an extremely difficult and complex task in normal markets. The current global uncertainties have made the credit markets even more challenging than usual.
Notwithstanding these macroeconomic and other challenges, we are actively engaging with the various lender groups, with the assistance of various market experts, and further information will be provided to the market as and when appropriate.
2. Operational performance
The Group’s operating businesses continued to trade well, with the Group benefiting from their geographic diversity and value positioning. Further detail is provided in the Operational Review included in this Q3 Trading Update.
3. Stakeholder interaction
The Group remains committed to co-operating with and maintaining open communication lines with all stakeholders and to regular and co-operative dialogue with regulators and enforcement agencies, as required.
4. Half-year Reporting and Analyst Day
The 2022 Half-year Report was published on
24 June 2022, within the prescribed statutory timeline. Subsequently, a virtual Analyst Day, held on
29 July 2022, was attended by 550 viewers. Both of these achievements provide further proof that the Group has returned to a normal reporting cycle.
The intention of the Analyst Day was to give an overview of the Group, explain broadly what assets and liabilities remain and to give some guidance on the outlook for each operation. The extreme complexity and detail contained in many of the announcements released over the past almost five years may have been difficult to follow, and as such we felt that it was important to give a more simple overview of the Group post litigation settlement.“
steinhoffinternational.com/downloads/2022/...une%25202022.pdf
S. 2, 29.08.2022
…At Steinhoff’s AGM in March 2022 the market was informed that while Mattress Firm was IPO-ready, the Steinhoff Group would continue to monitor the financial markets and would continue to investigate all options. This message was once again conveyed in the Analyst Day presentation at the end of July 2022.
While the monitoring of market conditions is ongoing, the Steinhoff Group is continuing to explore strategic options for Mattress Firm. The evaluation process remains ongoing and no definitive decision has been taken with respect to any specific course of action.“
„STEP 3: Group Services debt
The Steinhoff Group is continuing to engage with the various lender groups, with the assistance of market experts, to restructuring the Group Services debt with a view to extending the duration. Further information will be provided to the market as and when appropriate.
Stellenbosch, 12 October 2022“
www.eqs-news.com/de/company/...f0-ea7c-11e8-902f-2c44fd856d8c
„UPDATE ON STEP 3 - Restructure Group Services debt
With the completion of step 2 in February 2022 - the Global Litigation Settlement – the Steinhoff Group announced that management’s full focus shifted to the final step – restructuring the Group Services debt which was disclosed as Corporate and treasury services debt within note 10 to the 2022 Half-year Results.
The Steinhoff Group has continued to engage throughout the year with the various lender groups, while drawing on the assistance of market experts, in order to explore options to restructure the Group Services debt. This already complex process has been made even more challenging as a result of the deteriorating global macroeconomic environment in which asset valuations are under pressure, risk tolerances have reduced and interest rates increased.
Notwithstanding these challenges the Steinhoff Group is continuing to engage with the various lender groups in pursuit of the common aim – to find a solution to extend the maturity dates of the Group Services debt.
Further information will be provided to the market as and when available.
The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.
Stellenbosch, 22 November 2022“
www.eqs-news.com/de/company/...f0-ea7c-11e8-902f-2c44fd856d8c
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