DGAP-News: Steinhoff International Holdings N.V. : Mattress Firm financial restructuring

Steinhoff - Mattress Firm financial restructuring

Steinhoff International Holdings N.V. (the "Company" and with its subsidiaries, the "Group")

The Company announced on 5 October 2018 (the "5 October Announcement") that its subsidiary Mattress Firm, Inc. (together with its U.S. subsidiaries, "Mattress Firm") was taking steps to implement a pre-packaged plan of reorganization through the voluntary filing of cases under Chapter 11 of the US Bankruptcy Code (the "Mattress Firm Filing"). In conjunction with the Mattress Firm Filing, Mattress Firm also secured certain financing arrangements that come into effect upon completion of the implementation of the plan of reorganization and Mattress Firm's exit from the Chapter 11 proceedings that are intended to support its business going forward.

Further to the 5 October Announcement, and in relation to the Mattress Firm Filing, the High Court of Justice in England and Wales, on 24 October 2019, granted Stripes US Holding, Inc. ("SUSHI"), a direct subsidiary of Steinhoff Europe AG ("SEAG"), permission to convene a scheme meeting for the creditors affected by the English scheme of arrangement proposed by SUSHI (the "SUSHI Scheme") for the purpose of considering and, if thought fit, approving the SUSHI Scheme. SUSHI currently has a revolving credit facility (the "SUSHI RCF") under which it owes certain lenders (the "SUSHI RCF Lenders") approximately US$200 million. Pursuant to the SUSHI Scheme, it is intended that the SUSHI RCF Lenders will exchange their rights under the SUSHI RCF for substantially similar rights under a new RCF between, among others, SEAG (as borrower) and the Company (as guarantor), with the SUSHI RCF being cancelled.

The documents published in connection with the SUSHI Scheme are being posted to SUSHI RCF Lenders and are available on the Lucid website at www.lucid-is.com/sushi.

The SUSHI Scheme is expected to become effective on or around 16 November 2018.

The Group restructuring otherwise continues in accordance with the terms of the lock-up agreement entered into by the Company on 11 July 2018 (the "LUA"). Further to its announcement of 19 October 2018 (the "19 October Announcement"), the Company is pleased to report that the requisite consents have been provided by creditors in respect of certain proposed amendments to clause 17.5 of the LUA relating to the mechanics by which the Restructuring (as defined in the 19 October Announcement) may be undertaken. The Company will continue to provide updates as appropriate.

Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group.

Stellenbosch, 25 October 2018