Steinhoff International (Seite 4359)

[MarketTraderOne]

Antwort auf Beitrag Nr.: 58.958.424 von MarketTraderOne am 15.10.18 08:46:18

https://af.reuters.com/article/southAfricaNews/idAFL8N1WV0W1

[MarketTraderOne]

nach dieser Verlängerung ist vor der nächsten Verlängerung?

nach fast 3 Monaten Ausarbeitung für eine Restrukturierung ist Steinhoff noch immer nicht damit fertig. Wieviele Mitarbeiter arbeiten daran? Einer? Und dieser Eine ist in Urlaub? Das stinkt doch alles zum Himmel, imho

---
Steinhoff asks creditors for restructuring extension

JOHANNESBURG, Oct 15 (Reuters) - South African retailer
Steinhoff <SNHJ.J>, <SNHG.DE> has asked creditors for a
one-month extension relating to its debt restructuring as it
negotiates documents required to implement the plan, it said on
Monday.
An accounting scandal wiped more than 90 percent off
Steinhoff's market value and forced it to sell assets to
generate working capital.
Creditors agreed in July to hold off on their debt claims
for three years, throwing the company a lifeline. [nL8N1UF3OY]
As part of the deal, all parties sought to start
restructuring within three months of the lock-up agreement date
of July 20.
The retailer now wants a one-month extension, it said in a
statement, adding that "it remains the objective of the group to
complete the restructuring as soon as possible."
"Negotiations on the implementation documentation are now
well advanced and the one-month extension to the long stop date
will give us the necessary time to complete that process ahead
of any necessary restructuring processes being launched," acting
group Chief Executive Danie van de Merwe said.

(Reporting by Nqobile Dludla; editing by Jason Neely)
(([e-mail]; [phone]; Reuters
Messaging: [e-mail]))

[saskia25]

MTO entspann dich! Meldung ist hier schon vor 1 Stunde gepostet worden.

Und genau das meine ich: Fette Überschrift drüber und Meldung negativ auslegen. Das ist kein sachlicher Kommentar, sondern Manipulation. Denn kann genau so gut sein, dass die Verschiebung zum Plan gehört, um die Verfahren CH11 und CVA kontrolliert zu beenden. Und die Meldung kann sogar sehr positiv sein ....., aber das passt nicht in MTOs Tradingzone.

[MarketTraderOne]

Antwort auf Beitrag Nr.: 58.958.106 von MarketTraderOne am 15.10.18 08:17:35

http://www.dgap.de/dgap/News/corporate/steinhoff-internation…

[MarketTraderOne]

Restrukturierungspläne können nicht!!! rechtzeitig fertig gestellt werden

JSE: SHFF - SNH - Steinhoff - Update On Progress Of Financial Restructuring And Extension Of Long-Stop Date Under Lock-Up Agreement
=====================
Steinhoff - Update On Progress Of Financial Restructuring And Extension Of Long-Stop Date Under Lock-Up Agreement

Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019

Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367

STEINHOFF - UPDATE ON PROGRESS OF FINANCIAL RESTRUCTURING AND EXTENSION OF
LONG-STOP DATE UNDER LOCK-UP AGREEMENT
Steinhoff International Holdings N.V. (the “Company”) (together with its subsidiaries, the
“Group”)

On 11 July 2018 the Company announced that it had entered into a lock-up agreement in
connection with the restructuring (the “Restructuring”) of the financial indebtedness of the
Company, Steinhoff Europe AG (“SEAG”), Steinhoff Finance Holding GmbH (“SFHG”) and
Stripes US Holding, Inc. (“SUSHI”) (the “LUA”). Subsequent announcements on 19 July 2018,
20 July 2018 and 17 August 2018, all provided further updates on the LUA, which became
effective on 20 July 2018 (the “LUA Effective Date”).

The Group has received significant support from creditors through the creditor accession
process with the LUA having been acceded to by approximately 90 per cent. of the
creditors holding SUSHI’s US$200 million revolving loan facility (as well as creditors holding in
excess of 90 per cent. of SEAG’s external financial indebtedness and creditors holding in
excess of 95 per cent. of SFHG’s external financial indebtedness).

Since the LUA Effective Date, significant progress has been made in respect of a number
of the key elements required to implement the Restructuring as contemplated under the
LUA, which will provide continued stability for the businesses within the Group. A number of
significant milestones in stabilising the Group’s financial position have now been achieved,
including:

• The sale of the Kika-Leiner operating companies was completed on 13 July 2018.
Finalisation of the sale process of the Kika-Leiner property companies is at an advanced
stage, and completion is expected imminently. Further, an agreement has been
reached to sell the Puris Bad (bathroom) and Impuls Küchen (kitchen) furniture
manufacturing businesses and assets, which were considered non-core to Steinhoff.

• The restructuring of the financial indebtedness of the Company’s subsidiary Hemisphere
International Properties B.V. was successfully completed on 6 September 2018, resulting
in a new, secured, 3-year term loan facility of circa €775 million.

• The refinancing of certain financial indebtedness of Greenlit Brands Pty Ltd (formerly
known as Steinhoff Asia Pacific Group Holdings Pty. Limited) was implemented on 27
September 2018 and includes the amendment and restatement of certain intragroup
loans, as well as a new senior revolving credit facility and bilateral facilities of AUD$256
million for the refinancing of existing senior financing. The refinancing provides facilities
for the Greenlit businesses through to maturity in October 2020.

• The filing by the Company’s subsidiary Mattress Firm, Inc. (along with its subsidiaries,
Mattress Holding Corp. and Mattress Holdco, Inc., “Mattress Firm”, North America’s
leading speciality mattress retailer) of voluntary pre-packaged Chapter 11 cases in the
United States Bankruptcy Court for the District of Delaware on 5 October 2018 (the
“Mattress Firm Restructuring”). As part of the Mattress Firm Restructuring, Mattress Firm
has secured debtor-in-possession financing to fund operations during the Chapter 11
cases and commitments for a financing arrangement have been agreed with a four
year term that will become effective upon Mattress Firm’s exit from Chapter 11. The
Mattress Firm Restructuring is intended to strengthen Mattress Firm’s balance sheet and
optimise its store footprint, and is expected to accelerate the turnaround of the Mattress
Firm business.

• As part of the Restructuring and in connection with the Mattress Firm Restructuring:

o SUSHI, an intermediate holding company of Mattress Firm, has launched a
scheme of arrangement in England to facilitate the exchange of certain
liabilities which sit at SUSHI as part of a restructuring of the SUSHI financing; and

o The Mattress Firm sub-group has been moved within the Group structure to
become a subsidiary of SEAG. This move facilitates the restructuring of certain
material inter-company loans owed by SUSHI and the Mattress Firm Group.

In its announcement of 20 July 2018, the Company reported that the parties to the LUA
would seek to implement the Restructuring within three months (subject to an automatic
extension if certain conditions were met or any agreed extension).

The Company is pleased to report that discussions with the relevant creditors under the LUA
in relation to the implementation of the Restructuring continue to progress well and the
negotiations of the long form documentation required for the implementation of the
Restructuring are well advanced. In order to finalise such documentation, the Company
has today requested that creditors under the LUA provide their consent to an extension of
the long-stop date (currently 20 October 2018, being three months from the LUA Effective
Date) to 20 November 2018. It remains the objective of the Group to complete the
Restructuring as soon as possible.

Danie van de Merwe, Acting CEO, Steinhoff International Holdings NV said:

“Over the last three months we have made substantial progress with the restructuring
process, achieving a number of important milestones necessary to stabilise the Group’s
finances. During this period we have continued to receive significant support from creditors
under the LUA and we remain in positive discussions with them. Negotiations on the
implementation documentation are now well advanced and the one month extension to
the long stop date will give us the necessary time to complete that process ahead of any
necessary restructuring processes being launched.”

Shareholders and other investors in the Company are advised to exercise caution when
dealing in the securities of the Group.

JSE Sponsor: PSG Capital

Stellenbosch, 15 October 2018

Date: 15/10/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
=====================

Rank : positive

[Ud0]

Antwort auf Beitrag Nr.: 58.958.016 von saskia25 am 15.10.18 08:09:23

Zitat von saskia25: Die Meldung von Steinhoff wird sicherlich wieder sehr konträr interpretiert. Es gibt wenig Neues; aber schreibt so eine Gesellschaft, die kurz vor der Pleite steht? Ich finde die Meldung positiv und bin weiter der Überzeugung, dass während der gerichtlichen Verfahren CH11 und CVA es keine konkreteren Meldungen geben kann, um die Insolvenzverfahren nicht zu gefährden.

Spannend ist der folgende Abschnitt, weil darin die Begründung für die 49,9% liegen könnte:

"SUSHI, an intermediate holding company of Mattress Firm, has launched a scheme of arrangement in England to facilitate the exchange of certain liabilities which sit at SUSHI as part of a restructuring of the SUSHI financing"

[saskia25]

Die Meldung von Steinhoff wird sicherlich wieder sehr konträr interpretiert. Es gibt wenig Neues; aber schreibt so eine Gesellschaft, die kurz vor der Pleite steht? Ich finde die Meldung positiv und bin weiter der Überzeugung, dass während der gerichtlichen Verfahren CH11 und CVA es keine konkreteren Meldungen geben kann, um die Insolvenzverfahren nicht zu gefährden.

Spannend ist der folgende Abschnitt, weil darin die Begründung für die 49,9% liegen könnte:

"SUSHI, an intermediate holding company of Mattress Firm, has launched a scheme of arrangement in England to facilitate the exchange of certain liabilities which sit at SUSHI as part of a restructuring of the SUSHI financing"

[SirRolfi]

?

SUSHI, eine Zwischenholding-Gesellschaft von Mattress Firm, hat in England ein Arrangement aufgelegt, um den Austausch bestimmter Verbindlichkeiten, die bei SUSHI im Rahmen einer Umstrukturierung der SUSHI-Finanzierung liegen, zu erleichtern.

Wurden Schulden gegen Matress Anteile getauscht ?

[ichdaman06]

Antwort auf Beitrag Nr.: 58.957.818 von Ahwas am 15.10.18 07:25:23

Dann bin ich mal gespannt wie der „Markt“ die einmonatige Verlängerung aufnimmt.

[Ahwas]

Steinhoff International Holdings N.V. : UPDATE ON PROGRESS OF FINANCIAL RESTRUCTURING AND EXTENSION OF LONG-STOP DATE UNDER LOCK-UP AGREEMENT

DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous

15.10.2018 / 07:05
The issuer is solely responsible for the content of this announcement.

STEINHOFF - UPDATE ON PROGRESS OF FINANCIAL RESTRUCTURING AND EXTENSION OF LONG-STOP DATE UNDER LOCK-UP AGREEMENT

Steinhoff International Holdings N.V. (the "Company") (together with its subsidiaries, the "Group")

On 11 July 2018 the Company announced that it had entered into a lock-up agreement in connection with the restructuring (the "Restructuring") of the financial indebtedness of the Company, Steinhoff Europe AG ("SEAG"), Steinhoff Finance Holding GmbH ("SFHG") and Stripes US Holding, Inc. ("SUSHI") (the "LUA"). Subsequent announcements on 19 July 2018, 20 July 2018 and 17 August 2018, all provided further updates on the LUA, which became effective on 20 July 2018 (the "LUA Effective Date").

The Group has received significant support from creditors through the creditor accession process with the LUA having been acceded to by approximately 90 per cent. of the creditors holding SUSHI's US$200 million revolving loan facility (as well as creditors holding in excess of 90 per cent. of SEAG's external financial indebtedness and creditors holding in excess of 95 per cent. of SFHG's external financial indebtedness).

Since the LUA Effective Date, significant progress has been made in respect of a number of the key elements required to implement the Restructuring as contemplated under the LUA, which will provide continued stability for the businesses within the Group. A number of significant milestones in stabilising the Group's financial position have now been achieved, including:

- The sale of the Kika-Leiner operating companies was completed on 13 July 2018. Finalisation of the sale process of the Kika-Leiner property companies is at an advanced stage, and completion is expected imminently. Further, an agreement has been reached to sell the Puris Bad (bathroom) and Impuls Küchen (kitchen) furniture manufacturing businesses and assets, which were considered non-core to Steinhoff.

- The restructuring of the financial indebtedness of the Company's subsidiary Hemisphere International Properties B.V. was successfully completed on 6 September 2018, resulting in a new, secured, 3-year term loan facility of circa EUR775 million.

- The refinancing of certain financial indebtedness of Greenlit Brands Pty Ltd (formerly known as Steinhoff Asia Pacific Group Holdings Pty. Limited) was implemented on 27 September 2018 and includes the amendment and restatement of certain intragroup loans, as well as a new senior revolving credit facility and bilateral facilities of AUD$256 million for the refinancing of existing senior financing. The refinancing provides facilities for the Greenlit businesses through to maturity in October 2020.

- The filing by the Company's subsidiary Mattress Firm, Inc. (along with its subsidiaries, Mattress Holding Corp. and Mattress Holdco, Inc., "Mattress Firm", North America's leading speciality mattress retailer) of voluntary pre-packaged Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware on 5 October 2018 (the "Mattress Firm Restructuring"). As part of the Mattress Firm Restructuring, Mattress Firm has secured debtor-in-possession financing to fund operations during the Chapter 11 cases and commitments for a financing arrangement have been agreed with a four year term that will become effective upon Mattress Firm's exit from Chapter 11. The Mattress Firm Restructuring is intended to strengthen Mattress Firm's balance sheet and optimise its store footprint, and is expected to accelerate the turnaround of the Mattress Firm business.

- As part of the Restructuring and in connection with the Mattress Firm Restructuring:

- SUSHI, an intermediate holding company of Mattress Firm, has launched a scheme of arrangement in England to facilitate the exchange of certain liabilities which sit at SUSHI as part of a restructuring of the SUSHI financing; and

- The Mattress Firm sub-group has been moved within the Group structure to become a subsidiary of SEAG. This move facilitates the restructuring of certain material inter-company loans owed by SUSHI and the Mattress Firm Group.

In its announcement of 20 July 2018, the Company reported that the parties to the LUA would seek to implement the Restructuring within three months (subject to an automatic extension if certain conditions were met or any agreed extension).

The Company is pleased to report that discussions with the relevant creditors under the LUA in relation to the implementation of the Restructuring continue to progress well and the negotiations of the long form documentation required for the implementation of the Restructuring are well advanced. In order to finalise such documentation, the Company has today requested that creditors under the LUA provide their consent to an extension of the long-stop date (currently 20 October 2018, being three months from the LUA Effective Date) to 20 November 2018. It remains the objective of the Group to complete the Restructuring as soon as possible.

Danie van de Merwe, Acting CEO, Steinhoff International Holdings NV said:

"Over the last three months we have made substantial progress with the restructuring process, achieving a number of important milestones necessary to stabilise the Group's finances. During this period we have continued to receive significant support from creditors under the LUA and we remain in positive discussions with them. Negotiations on the implementation documentation are now well advanced and the one month extension to the long stop date will give us the necessary time to complete that process ahead of any necessary restructuring processes being launched."

Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group.

Stellenbosch, 15 October 2018

15.10.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Steinhoff International Holdings N.V.
Herengracht 466
1017 CA Amsterdam
Netherlands
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]
Internet: www.steinhoffinternational.com
ISIN: NL0011375019
WKN: A14XB9
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange


End of News DGAP N