To view the PDF file, sign up for a MySharenet subscription.

STEINHOFF INTERNATIONAL HOLDINGS N.V. - Financial Restructuring Request For Consent To Extend The CVA Long-Stop Date

Release Date: 08/08/2019 07:05
Code(s): SNH SHFF     PDF:  
 
Wrap Text
Financial Restructuring – Request For Consent To Extend The CVA Long-Stop Date

Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019

Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367

FINANCIAL RESTRUCTURING – REQUEST FOR CONSENT TO EXTEND THE CVA LONG-STOP DATE

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

Defined terms used but not otherwise defined in this announcement shall have the same
meaning as in the company voluntary arrangement proposed in relation to Steinhoff Europe
AG (“SEAG”) and approved by the CVA Creditors on 14 December 2018 as amended from
time to time (the "SEAG CVA") and/or the company voluntary arrangement proposed in
relation to Steinhoff Finance Holding GmbH (“SFHG”) and approved by the SFHG Creditors on
14 December 2018 as amended from time to time (the "SFHG CVA") (as applicable and as the
context dictates). The documentation relating to the SEAG CVA and SFHG CVA can be
downloaded at www.lucid-is.com/steinhoff.

CVA Consent Request No. 5

Despite significant progress having been made in the implementation of the Restructuring,
including the resolution of almost all matters required prior to commencing the Restructuring
Steps, a small number of matters outside of the control of SEAG and SFHG have not been
concluded. The Company has launched CVA Consent Request No. 5 to extend the date for
completion of the Group Restructuring to Monday 19th August 2019.

The additional extension is required in order to allow sufficient time to put in place the final
steps of the implementation of the Restructuring.

The remaining matters are expected to be resolved shortly and the Group continues to work
to implement the Restructuring as soon as possible, including, if possible, prior to the current
CVA Long-Stop Date of 9 August 2019. In the event it is not possible to complete all
Restructuring Steps on or prior to 9 August 2019, CVA Consent Request No. 5 will provide the
short additional time required.

The proposed extension will not affect the entitlements of any creditors pursuant to the CVAs.

Creditors should refer to the document entitled ‘Steinhoff – CVA Amendment Consent Request
No. 5’ (available at www.lucid-is.com/steinhoff) for further information.

Instructions to CVA Creditors and SFHG Creditors

The Company seeks the consent of the requisite majority of CVA Creditors under the SEAG
CVA to extend the CVA Long-Stop Date to 19 August 2019.

The Company also seeks the consent of the requisite majority of SFHG Creditors under the SFHG
CVA to extend the CVA Long-Stop Date to 19 August 2019.

CVA Creditors and SFHG Creditors are requested to provide their consent prior to 4.30pm
(London time) on 9 August 2019 in accordance with the instructions detailed in the consent
request circulated to such creditors on 7 August 2019 and available at www.lucid-
is.com/steinhoff.

It remains the objective of the Group to complete the Restructuring as soon as possible.

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

JSE Sponsor: PSG Capital

Stellenbosch, 7 August 2019

Date: 08/08/2019 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story