Plus   Neg

Steinhoff Issues Update On Progress Of Financial Restructuring

Retail holding company Steinhoff International Holdings N.V. on Tuesday issued an update on the progress in connection with the corporate and capital restructuring of its European business.

The Company said it continues to work towards the implementation of the financial restructuring of the Group and management continues to support and focus on the ongoing operations.

Regarding the restructuring and creditor support, the company noted that the company voluntary arrangement or CVA proposed in relation to Steinhoff Europe AG or SEAG, and to Steinhoff Finance Holding GmbH or SFHG were both approved by significant majorities of their respective creditors and by their members at meetings held on December 14.

On January 10, 2019, SEAG was notified of an application issued by LSW GmbH, a company claiming to be a creditor of SEAG, challenging the SEAG CVA . Aside from the Application, no challenges were received to the SEAG CVA within the challenge period. Also, no challenges were received to the SFHG CVA within the challenge period.

As the challenge periods have now expired, no further challenges are permitted.

As previously reported in the December Update, the Company continues to actively monitor cash flows and manage other liabilities as well as funding needs that may arise at the subsidiary level.

Regarding the Group governance, the company said the onboarding process between the Group and the four candidates identified for the Newco 3 board and the boards of the key intermediate holding companies in the SEAG group is ongoing. The Group expects to announce the candidates publicly prior to the Restructuring Effective Date.

The Newco 3 board will include two directors nominated by the Company. Those two initial directors are expected to be Louis du Preez and Theodore de Klerk.

Steinhoff currently anticipates publishing its financial statements for 2017 and 2018 by April 18, subject to any delay caused by the challenge to the SEAG CVA.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Royal Bank of Canada (RY, RY.TO) reported that its first-quarter net income to shareholders increased to C$3.10 billion from C$2.93 billion, a year ago. Earnings per share was C$2.15 compared to C$2.01. Adjusted EPS was C$2.19 compared to C$2.05. On average, 12 analysts polled by Thomson Reuters expected... Google added bitcoin's 'B' symbol to its Keyboard on iOS devices, indicating the leading cryptocurrency's growing acceptance in the mainstream industry. The feature, however, is not added to Android keyboards. The addition of the bitcoin currency key reflects Google users' growing interest in bitcoin. According to Google Trends, 'What is Bitcoin?' was the most popular search question in 2018. Shares of Deutsche Telekom AG were losing around 2 percent in German trading after the telecom giant reported Thursday a net loss in its fourth quarter, compared to prior year's profit, despite increased revenues. Looking ahead, the company said its 2019 forecast shows undiminished growth momentum.
Follow RTT