DGAP-News: Steinhoff International Holdings N.V. : UPDATE ON CREDITOR SUPPORT LETTER EXTENSIONS FOR STEINHOFF EUROPE AG AND STEINHOFF FINANCE HOLDING GMBH, FINANCIAL RESTRUCTURING AND H1 RESULTS

UPDATE ON CREDITOR SUPPORT LETTER EXTENSIONS FOR STEINHOFF EUROPE AG AND STEINHOFF FINANCE HOLDING GMBH, FINANCIAL RESTRUCTURING AND H1 RESULTS

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

Extension of Support Letters

The Company refers to its announcements on 6 June 2018 and 12 June 2018 concerning the entry by Steinhoff Europe AG ("SEAG") and Steinhoff Finance Holding GmbH ("Holding") into formal letters of support with certain of their creditors (the "Original Support Letters") and its announcement of 27 June 2018 seeking certain amendments to the Original Support Letters (the "Amended Support Letters"), primarily to extend the support period from 30 June 2018 up to and including 20 July 2018.

The Group is pleased to announce that it has now received the following levels of support from its creditors to the Amended Support Letters:

(i) creditors representing 85% of the external debt of SEAG;

(ii) holders of 85% in aggregate nominal amount of the series of convertible bonds due 2021 issued by Holding;

(iii) holders of 94% in aggregate nominal amount of the series of convertible bonds due 2022 issued by Holding; and

(iv) holders of 79% in aggregate nominal amount of the series of convertible bonds due 2023 issued by Holding,

and that the support period has been duly extended up to and including 20 July 2018.

Restructuring Update

The Company has reached agreement on the key commercial terms for the restructuring plan with members of the ad hoc committees of third party creditors of SEAG, Stripes US Holding Incorporated and Holding and the coordinating committee in respect of the Group's European creditors (the "Committees") which takes into account the features of the restructuring framework outlined in the Company's presentation to the Group's creditors on 18 May 2018.

The restructuring plan is intended to: (i) ensure fair treatment across the various creditors groups having regard to their existing rights and claims; and (ii) provide stability to the Group and its stakeholders to enable:

- management to focus on supporting and delivering value at the Group's operating businesses;

- an extended period of time in which to achieve a deleveraging of the Group; and

- a detailed assessment of all contingent litigation claims.

The Group is finalising the terms of a lock-up agreement (the "Lock-up Agreement") with respect to the implementation of the restructuring plan, which will give effect to and have appended to it the term sheet and an implementation steps plan. The Lock-up Agreement is designed, among other matters, to impose a standstill obligation on relevant creditors as regards taking steps to seek the enforcement of their debts against certain of the Group's key finance companies or the Company for an agreed lock-up period so as to enable the formal documentation required to implement the restructuring plan to be developed.

When the form of the Lock-up Agreement has been finalised with the Committees, a further update will be provided to the market on the detailed terms of the restructuring plan and the manner in which creditors outside of the Committees may accede to the terms of the Lock-up Agreement.

Discussions regarding a potential restructuring of the financial indebtedness of Hemisphere International Properties B.V. are ongoing, and the Company will provide a further update to the market in due course.

H1 Results

Further to the Company's announcement on 18 May 2018, the Company will be releasing the unaudited consolidated interim results of the Group for H1 2018 later today.

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

Stellenbosch, 29 June 2018