DGAP-News Steinhoff International Holdings N.V. : ACGS SUPPORT SETTLEMENT OFFERS OF STEINHOFF, DELOITTE AND D&O INSURERS
DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
ACGS SUPPORT SETTLEMENT OFFERS OF STEINHOFF, DELOITTE AND D&O INSURERS
Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") announces the following important step in the 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"), on the terms announced on 27 July 2020 as subsequently revised the ("Steinhoff Global Settlement").
Four large active claimant groups ("ACGs") who represent market purchase claimants ("MPC Claimants") based in South Africa and elsewhere, have confirmed their support for, and will recommend that their respective constituents support, the Steinhoff Global Settlement and its implementation by way of the Dutch suspension of payments commenced on 15 February 2021 (the "Dutch SoP") and the S155 proposal under South African law (the "S155 Proposal"). Any litigation initiated by these ACGs against Steinhoff and its former directors and officers will be suspended immediately. After the successful implementation of the Dutch SoP and the S155 Proposal, this litigation will be terminated.
The four ACGs include: Burford Capital LLC ("Burford"), Deminor Recovery Services (Luxembourg) SA/DRS Belgium SC ("Deminor") and DRRT/Therium (Stichting Steinhoff International Compensation Claims) ("DRRT").
The confirmations of support from the four ACGs are in addition to the support confirmed by European Investors-VEB announced in July 2020.
Steinhoff previously announced that Deloitte Accountants B.V. and Deloitte & Touche South Africa (together: "Deloitte") and certain insurance companies underwriting Steinhoff's (primary and excess) Directors and Officers insurance policy (the "D&O Insurers") had respectively made offers to six ACGs in respect of MPC Claimants, and four of these ACG's have now agreed to recommend that their respective constituents accept those offers. The Deloitte and D&O Insurers offers to MPC claimants will become effective if 5 out of 6 ACGs accept those offers or if Deloitte and the D&O Insurers otherwise agree. Deloitte and D&O Insurers are continuing to engage with the remaining 2 ACGs.
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