DGAP-Adhoc Steinhoff International Holdings N.V. : STEINHOFF GLOBAL SETTLEMENT - AGREEMENT WITH DELOITTE AND CONSERVATORIUM
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 GLOBAL SETTLEMENT - AGREEMENT WITH DELOITTE AND CONSERVATORIUM
Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") announces the following update on implementation of its proposal to resolve the various multi-jurisdictional legacy litigation and claims against the Steinhoff Group, including those against former South African holding company Steinhoff International Holdings Proprietary Limited ("SIHPL").
Following a number of constructive engagements between the parties today an agreement has been reached, in principle, between, among others, SIHNV, SIHPL, Conservatorium Holdings LLC ("Conservatorium") and certain entities linked to Christo Wiese. This agreement is subject to a number of conditions. The result of the agreement reached among the parties is that Conservatorium will withdraw its application to appoint a restructuring expert to SIHNV pursuant to Article 371 of the Dutch Bankruptcy Act (enacting elements of the recently enacted pre-insolvency proceedings, Wet Homologatie Onderhands Akkoord ter voorkoming van faillissement).
SIHNV and SIHPL have today reached an agreement with Deloitte Accountants B.V. and Deloitte and Touche South Africa (together, "Deloitte") pursuant to which Deloitte will support the proposed Steinhoff global settlement proposal announced on 27 July 2020. This means that Deloitte will make additional compensation available to certain Steinhoff claimants, including the market purchase claimants, in exchange for certain waivers and releases, provided that Steinhoff successfully completes the contemplated Dutch "suspension of payments" procedure (the "Dutch SoP") and the statutory compromise process under South African law ("S155 Scheme").
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