DGAP-News Steinhoff International Holdings N.V. : STEINHOFF GLOBAL SETTLEMENT - AGREEMENT WITH DELOITTE AND CONSERVATORIUM
DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
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").
SIHNV previously announced that a hearing, scheduled for 8 February 2021 in the Amsterdam District Court following a request by Conservatorium Holdings LLC ("Conservatorium") 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)("Application"), had been postponed until 15 February 2021. SIHNV also informed the market that it intended to challenge that Application.
Following a number of constructive engagements between the parties an agreement has been reached, in principle, between, among others, SIHNV, SIHPL, Conservatorium and certain entities linked to Christo Wiese. This agreement is subject to a number of conditions. The result of agreement reached among the parties is that Conservatorium will withdraw the Application.
Deloitte supports Steinhoff Global Settlement
SIHNV also announces that together with SIHPL it has reached an agreement with Deloitte Accountants B.V. and Deloitte & 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 (the "MPC Claimants") in exchange for certain waivers and releases, provided that Steinhoff successfully completes the contemplated Dutch "suspension of payments" (the "Dutch SoP") and the statutory compromise process under South African law ("S155 Scheme"). Deloitte is still in discussions with certain representatives of the MPC Claimants on the details of this offer, which envisages that such claimant representatives will be entitled to receive a certain incremental cost compensation. A settlement between Deloitte and the Dutch Vereniging van Effectenbezitters ("VEB") was previously announced in October 2020.
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