Dear Steinhoff IR team,
I hope you are doing well.
Within the scope of the settlement proposal, it was stated that the approval of the creditors is also necessary.
Would it be reasonable to assume that it basically relates to the extension of the terms of the debt (maturity and interest rate etc) or is it just an extension of the CVA? So generally speaking, it will indicate that you try to complete step 2 and 3 simultaneously and not one after the other, right?
Moreover, is this negotiation with the creditors also planned to complete within the estimated 4-6 weeks following the announcement of the settlement proposal, or does this guideline only refers to the discussions with the various plaintiffs?
Many thanks in advance and have a great weekend.
Best regards,
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The financial creditors approval is required for more than just the extension - please refer to the section explaining that aspect from the 27 July announcement:
Financial creditors: The SIHNV and SIHPL financial creditors holding contingent payment
undertakings ("CPUs") (other than creditors holding Hemisphere International Properties
B.V. CPUs), will not be eligible to receive any distribution as part of the proposed
settlement in respect of their claims under the SIHNV CPUs and the SIHPL CPUs. Instead,
they will be asked to provide their consent for the proposed global settlement and to
waive any tortious (delictual) claims they may have against the Group, D&O insurers
and auditors. In addition, the financial creditors will be asked for a consent to extend
the maturity date of the CPUs and the underlying debt obligations by 18 months to 30
June 2023 with an option for a further 6 month extension on the approval of a lower
CPU creditor voting threshold. As part of these arrangements, effective from
implementation of the proposed settlement the Company will provide security to its
CPU creditors over its shares in Steinhoff Investments Holdings Limited ("SIHL") and over
any outstanding loan claim payable by SIHL to SIHNV. This extension is an important
component of the overall settlement and of the continuation of the stable platform for
the Steinhoff Group. To the extent necessary, the Group will consider English law
schemes of arrangement to implement the consents required. Otherwise, the SIHNV
financial creditors will retain their contractual rights against SIHNV and SIHPL under the
terms of the CPUs.
Regards
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