DGAP-Adhoc Steinhoff International Holdings N.V. : STEINHOFF RECEIVES SCHEME SANCTION ORDER AND ELECTS SOP FOR IMPLEMENTATION OF SIHNV SETTLEMENT
DGAP-Ad-hoc: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
DISCLOSURE OF INSIDE INFORMATION PURSUANT TO ART. 17 OF THE EU MARKET ABUSE REGULATION (EU 596/2014, MAR)
STEINHOFF RECEIVES SCHEME SANCTION ORDER AND ELECTS SOP FOR IMPLEMENTATION OF SIHNV SETTLEMENT
Update on English SIHNV Scheme
Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, the "Steinhoff Group") announces that the English High Court has today delivered a judgment in the SIHNV scheme of arrangement proceedings ("SIHNV Scheme") granting the sanction order in the terms sought by the Company.
Following the fulfilment of the SIHNV Scheme conditions, which are expected to be satisfied shortly, the SIHNV Scheme in relation to the Company's "SEAG Contingent Payment Undertaking" will come into effect and will provide a further approval required from the Company's financial creditors to proceed with the proposed global settlement.
Update on implementation options
The boards of SIHNV have been giving further consideration to the implementation options available to SIHNV and, following careful consideration of the options, the boards of SIHNV have concluded that SIHNV will seek a "suspension of payments" process (surseance van betaling) in the Netherlands to assist with the implementation of the Steinhoff global settlement. Accordingly, it will oppose the application due to be heard in the Amsterdam District Court on Monday 8 February 2021 for the appointment of a restructuring expert in under the Dutch Wet Homologatie Onderhands Akkoord ter voorkoming van faillissement procedure.
Further updates will be provided in due course in relation to any application for a "suspension of payments" process and in relation to the implementation of the global settlement more generally.
The "suspension of payments" process will not directly affect any of the other entities in the Steinhoff Group nor any of its operating businesses.
The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.
Stellenbosch, South Africa
5 February 2021
05-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
|Company:||Steinhoff International Holdings N.V.|
|cnr Adam Tas and Devon Valley Road|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1166287|
|End of Announcement||DGAP News Service|
1166287 05-Feb-2021 CET/CEST
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