DGAP-News Steinhoff International Holdings N.V. : UPDATE ON STEINHOFF SCHEME LENDER CONSENT REQUEST
DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
UPDATE ON STEINHOFF SCHEME LENDER CONSENT REQUEST
On 4 November and 6 November 2020 Steinhoff International Holdings N.V. ("SIHNV" and together with its subsidiaries, "Steinhoff") announced the support it had received from its financial creditors in response to the consent request dated 9 October 2020 ("Consent Request") relating to the proposed global settlement first announced by SIHNV on 27 July 2020 ("Proposed Settlement"). As noted in those announcements, Steinhoff was unable to achieve the required support of 100% of the relevant SEAG creditors under the contingent payment undertaking issued by SIHNV for the benefit of those SEAG creditors (the "SIHNV/SEAG CPU") for those amendments proposed in the Consent Request that require all SEAG creditor consent.
As an update to the 4 November and 6 November 2020 announcements, SIHNV yesterday obtained an order from the English High Court to convene meetings of the Facility A1 SEAG creditors and Facility A2 SEAG creditors to consider and, if thought fit, approve the proposed English law scheme of arrangement ("SIHNV/SEAG CPU Scheme") seeking the necessary consents to amendments to the SIHNV/SEAG CPU and SEAG intercreditor agreement proposed in the Consent Request that otherwise require the consent of all creditors under the SIHNV/SEAG CPU. The SIHNV/SEAG CPU Scheme will require the approval of a majority in number representing at least 75% by value of the members of each class present (in accordance with provisions for voting in advance, by proxy and attendance at a non-physical meeting).
The SIHNV/SEAG CPU Scheme meetings will take place at 10am (London time) (for the Facility A1 SEAG creditors meeting) and 12pm (London time) (for the Facility A2 SEAG creditors meeting) on 15 December 2020. Details of the meetings are set out in the Explanatory Statement to be provided to the scheme creditors.
Update on SIHNV/SEAG CPU Scheme Timeline
SIHNV provides the following anticipated timeline in relation to the SIHNV/SEAG CPU Scheme: