DGAP-News Steinhoff International Holdings N.V. : UPDATE ON STEINHOFF GLOBAL SETTLEMENT
DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
UPDATE ON STEINHOFF GLOBAL SETTLEMENT
Steinhoff International Holdings N.V. ("SIHNV") announces the following update on the implementation of its proposal to resolve the various multi-jurisdictional legacy litigation and claims against SIHNV (together with its subsidiaries, "Steinhoff") including those against the former South African holding company Steinhoff International Holdings Proprietary Limited ("SIHPL").
SIHNV first announced its proposed global settlement in July 2020, at which stage it indicated that prior to launch of any implementation proceedings Steinhoff would, amongst other things, need the approval of its financial creditors.
Following the July announcement SIHNV launched a financial creditor consent process in October 2020 ("October Consent Request") and provided further public updates in November and December 2020.
In addition, on 1 December 2020 SIHNV announced that it had satisfied another key condition after it received approval from the South African Reserve Bank ("Finsurv") for the cross-border transfers contemplated by the Proposed Settlement. The approval is valid for 12 months from the date of grant.
As previously announced, implementation of the proposed global settlement requires a co-ordinated series of steps to be taken in the relevant jurisdictions. The key short-term next steps are expected to be as follows:
- English Scheme sanction hearing to take place on 26-27 January 2021: Following the approvals given at the creditors meetings on 15 December 2020 the sanction hearing in the English scheme proceedings, to approve the amendments to the SEAG CPU in line with those sought from financial creditors under the October Consent Request, is listed to take place on 26/27 January 2021. If the Scheme is sanctioned SIHNV will have the necessary consents in place to proceed to implement the proposed settlement. SIHNV has been notified by Conservatorium Holdings LLC (together with its affiliates) that it intends to oppose the request for sanctioning of the scheme at that hearing.