Steinhoff International Holdings N.V. : - FINANCIAL CREDITOR CONSENT OBTAINED FOR CERTAIN SETTLEMENTS
DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
28.12.2021 / 06:30
The issuer is solely responsible for the content of this announcement.
STEINHOFF INTERNATIONAL HOLDINGS N.V. - FINANCIAL CREDITOR CONSENT OBTAINED FOR CERTAIN SETTLEMENTS
Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") and the former South African holding company of the Steinhoff Group, Steinhoff International Holdings Proprietary Limited ("SIHPL"), provide the following update on Steinhoff's global settlement of ongoing and pending litigation proceedings (the "Global Litigation Settlement").
Update on Financial Creditor Consent to Certain Settlements
Steinhoff refers to the public announcements made on 15 December 2021.
On 15 December 2021 Steinhoff announced that Trevo Capital Limited ("Trevo") and certain other SIHPL non-qualifying claimants had confirmed their conditional support for the S155 Proposal subject to the satisfaction of certain suspensive conditions on or before 11 January 2022, unless waived or extended by the parties ("SIHPL NQC Settlement"). One of the conditions to support was that Steinhoff obtained the requisite level of support from its financial creditors for the SIHPL NQC Settlement.
On 15 December 2021 Steinhoff separately announced that parties including the former owners of the Tekkie Town business had agreed, amongst other things, to withdraw their opposition to the S155 Proposal and to withdraw their liquidation application against SIHNV ("TT Settlement"), subject respectively to Steinhoff obtaining requisite financial creditor support for the TT Settlement and the implementation of the Global Litigation Settlement. Both the SIHPL NQC Settlement and the TT Settlement are subject to the Global Litigation Settlement being implemented by 30 June 2022.
As an update to the implementation of the conditions to those conditional settlements, Steinhoff reports that the threshold required to obtain the necessary financial creditor support for both the SIHPL NQC Settlement and the TT Settlement has been obtained. The formal financial creditor consent vote remains open until 30 December 2021.
Further updates on the progress to satisfy the remaining conditions to the SIHPL NQC Settlement, on the hearing of SIHPL's application to the Western Cape High Court in South Africa for sanction of its section 155 proposal which is listed to commence on 24 January 2022 and on implementation of the Global Litigation Settlement will be provided in due course.
Claimants are able to review additional information in relation to the Global Litigation Settlement on the following website: www.SteinhoffSettlement.com.
The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.
Stellenbosch, South Africa
28 December 2021