DGAP-News Steinhoff International Holdings N.V. : UPDATE ON STEINHOFF LENDER CONSENT REQUEST

Nachrichtenquelle: EQS Group AG
04.11.2020, 15:10  |  925   |   |   

DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
Steinhoff International Holdings N.V. : UPDATE ON STEINHOFF LENDER CONSENT REQUEST

04.11.2020 / 15:10
The issuer is solely responsible for the content of this announcement.


UPDATE ON STEINHOFF LENDER CONSENT REQUEST

Further to the announcements of 27 July 2020 (the "July Announcement") and 9 October 2020 (the "October Announcement") by Steinhoff International Holdings N.V. ("SIHNV" and together with its subsidiaries, "Steinhoff"), in relation to the proposal to settle various legacy litigation and claims against Steinhoff (the "Proposed Settlement"), and the launch of a consent request to obtain the formal support of Steinhoff's financial creditors to the terms of the Proposed Settlement (the "Consent Request"), Steinhoff is pleased to announce that it has received overwhelming support from its financial creditors in respect of the Proposed Settlement.

There were very high levels of voting participation in response to the Consent Request and all creditors who voted gave their approvals, with the exception of only one institution.

Steinhoff notes that the sole dissenting institution is affiliated with an entity that is currently engaged in a dispute with Steinhoff in relation to the terms of the Proposed Settlement.

Following the application of 'snooze' mechanics applicable to non-responding lenders, Steinhoff achieved unanimous support from lenders across the "Hemisphere" and "SEAG" facilities, other than the "SEAG Facility A2 Creditors", where Steinhoff obtained the support of 93% by value. For the "SFH" facilities, Steinhoff obtained the support of between 94% and 96% by value.

The final votes in respect of the Consent Request are as follows:

Lender groupings Approval Levels Rejection Levels Approval Levels after "Snooze"
SFH 21/22 88.21% Total Commitments
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DGAP-News Steinhoff International Holdings N.V. : UPDATE ON STEINHOFF LENDER CONSENT REQUEST DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous Steinhoff International Holdings N.V. : UPDATE ON STEINHOFF LENDER CONSENT REQUEST 04.11.2020 / 15:10 The issuer is solely responsible for the content of this …

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