02.07.2019 09:25:02
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DGAP-News: Steinhoff International Holdings N.V. : ?UPDATE ON PROGRESS OF FINANCIAL RESTRUCTURING
DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous UPDATE ON PROGRESS OF FINANCIAL RESTRUCTURING Steinhoff International Holdings N.V. (the "Company" and with its subsidiaries, the "Group") Introduction Defined terms used but not otherwise defined in this report shall have the same meaning as in the company voluntary arrangement in relation to SEAG (the "SEAG CVA") and/or the company voluntary arrangement in relation to SFHG (the "SFHG CVA") (as applicable and as the context dictates). This report should be read in conjunction with recent market announcements (available at www.steinhoffinternational.com/sens.php), including the most recent monthly update issued on 31 May 2019 (the "May Update"). In summary, CVA Consent Request No. 4 included an extension to the CVA Long-Stop Date to 5:00 pm (London time) on 9 August 2019 and certain amendments and modifications to the SEAG CVA, the SFHG CVA and certain Restructuring Documents to accommodate the commencement of an internal reorganisation within the SEAG cluster prior to the closing of the Restructuring (i.e. the Restructuring Effective Date) as well as the waiver of an Implementation Condition related to a certain tax clearance in the state of Victoria in Australia. As a consequence of amending the CVA Long-Stop Date, the Long-Stop Date pursuant to the Lock-Up Agreement has also been amended to be the same as the amended CVA Long-Stop Date (i.e. 5:00pm (London time) on 9 August 2019). In relation to CVA Consent Request No. 4 certain members of the SEAG Creditors Group and the SFHG Creditors Group requested for future extension fee arrangements to be agreed as part of the consents to CVA Consent Request No. 4. Further details of the agreement to which the Company, SEAG and SFHG consented is available at: www.lucid-is.com/steinhoff (see document entitled 'CVA Consent Request No. 4 Extension Consent Fees'). Preparation for the internal reorganisation within the SEAG cluster has commenced and it is currently expected that this extension to the CVA Long-Stop Date under the CVAs will provide sufficient time to complete the relevant reorganisation steps that are required to be undertaken prior to the closing of the Restructuring and to complete any other necessary outstanding matters prior to the Implementation Notice Date. It is also expected that once the Implementation Conditions Notice is issued, the closing of the Restructuring will occur approximately 20 Business Days later. The objective of the Group remains to complete the restructuring as soon as possible and ahead of the new CVA Long-Stop Date. Implementation Conditions Notice and Entitlement Process Once the Implementation Conditions have been satisfied or waived (or SEAG or SFHG (as applicable) considers that such Implementation Conditions are capable of being satisfied or will be waived prior to the Implementation Commencement Date), SEAG and SFHG will issue the Implementation Conditions Notice which will commence the next stage of the Restructuring. The Implementation Conditions Notice will also commence the entitlement process and will set the deadline (the Participation Deadline) by which relevant CVA Creditors and SFHG Creditors must submit their Entitlement Letters in order to be eligible to receive their entitlements under the New Lux Finco 2 Loans and/or New Lux Finco 1 Loans (as applicable), and the date at which the exchange rate for conversion of non-Euro amounts into Euro amounts for the purpose of calculating Final Entitlements will be set. Further information in relation to the entitlement process will be detailed in the Implementation Conditions Notice (which will be available at www.lucid-is.com/steinhoff). As detailed in the SEAG CVA and the SFHG CVA, following the Participation Deadline, the Information Agent (Lucid Issuer Services Limited) will have a prescribed period to calculate Final Entitlements based on information received from SEAG, SFHG and from creditors, including information received pursuant to the entitlement process. SEAG and SFHG continue to work with the Information Agent and the Group's Financial Advisers to prepare for the entitlement and allocation process. Please refer to the May Update for information regarding how creditors' eligibility to receive fees under the Lock-Up Agreement and Support Letters will be reconciled and verified, as well as KYC requirements. This includes details of action that may need to be taken by creditors and brokers, to the extent not already done so. On 6 June 2019, the Company launched a further request under the Lock-Up Agreement (Consent Request No. 11) relating to the refinancing of the existing credit facilities of Pepkor Europe Limited and its subsidiaries (the "Pepkor Refinancing"). Lock-Up Agreement Consent No. 11 was approved by the requisite majorities of SEAG and SFHG creditor on 10 June 2019. Litigation On 21 June 2019, the Company received a writ of summons from Barents & Krans on behalf of Hamilton B.V. ('Hamilton'). This writ of summons initiates legal proceedings against the Company and others for declaratory relief relating to currently unquantified damages arising from alleged wrongful acts. The Company and Hamilton have agreed that no procedural act would be due from the Company until later in the year. Financial statements The unaudited 2019 half-year interim results are scheduled for release on 12 July 2019. The Group intends to host an Investor Presentation subsequent to that release - further details in this regard will be provided once the interim results have been published. Update on Group Governance - Undertaking the internal reorganisation, determining the date on which to launch the Implementation Conditions Notice and finalising the remaining outstanding Implementation Conditions and the final implementation steps in order to complete the Restructuring; - Finalisation of arrangements to appoint the nominees of the new management boards within the SEAG group; - Maintaining stability across the Group and managing the ongoing operations of the Group, including actively monitoring cash flows, supporting operating performance, managing other liabilities and funding needs that arise at the operating company level; - Continuing to consider the contents of the PwC report and to progressing various actions as appropriate together with the roll out of the Remediation Plan; - Monitoring and defending any litigation claims brought against the Group and identifying and pursuing recoveries where available; and - Engaging with the wider stakeholder group and regulators. Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group.
02.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Steinhoff International Holdings N.V. |
cnr Adam Tas and Devon Valley Road | |
7600 Stellenbosch | |
South Africa | |
Phone: | +27218080700 |
Fax: | +27218080800 |
E-mail: | investors@steinhoffinternational.com |
Internet: | www.steinhoffinternational.com |
ISIN: | NL0011375019 |
WKN: | A14XB9 |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 834451 |
End of News | DGAP News Service |
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834451 02.07.2019
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