Steinhoff Approval of company voluntary arrangements for SEAG and SFHG Steinhoff International Holdings N.V. (the Company and with its subsidiaries, the Group).
The Company refers to its announcement of 30 November 2018 (the 30 November Announcement?) in respect of company voluntary arrangements proposed in relation to Steinhoff Europe AG (SEAG) (the SEAG CVA) and Steinhoff Finance Holding GmbH (SFHG) (the SFHG CVA).
Further to the 30 November Announcement, the Company is pleased to announce that meetings of the creditors and members of SEAG and SFHG were held today and that the SEAG CVA and the SFHG CVA have been approved by the requisite majorities of their respective creditors and by their members.
The SEAG CVA was approved by approximately 94% of those creditors who voted (including approval by approximately 93% of SEAG’s external financial creditors). The SFHG CVA was approved by approximately 99% of those creditors who voted (including approval by approximately 89% of SFHG’s external financial creditors). The relevant reports in relation to the meetings have been filed with the English Court and notice of the results has been provided to the relevant creditors at www.lucid.is.com/steinhoff.
The SEAG CVA documentation and SFHG CVA documentation can be downloaded free of charge at www.lucid-is.com/steinhoff.
As set out in the SEAG CVA documentation and SFHG CVA documentation, a number of steps remain to be taken before the SEAG CVA and the SFHG CVA are fully effective and the restructuring of the Group?s financial indebtedness is implemented. The Group will continue to keep stakeholders informed as to the progress of these steps as appropriate.
Commercial Director and CEO Designate Louis du Preez said: The agreements reached today with creditors of the Group?s key finance companies are key to bringing in a new period of financial stability for the Group and enabling management to focus on maximizing the potential of the Group?s various businesses. On behalf of the management board I would like to take this opportunity to thank everyone concerned for the tremendous efforts involved in reaching this critical milestone in the restructuring of the Group?s financial indebtedness.
Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group.