Steinhoff International Says About EUR 3.2 Bln Claims Filed In Global Settlement

Retail holding company Steinhoff International Holdings N.V. Friday announced that more than 43,000 claims were filed regarding the global settlement litigation, representing around 3.2 billion euros in value.

The update is from the Stichting Steinhoff Recovery Foundation or SRF on the administration of claims filed by Market Purchase Claimants. This is in relation to Steinhoff's settlement of litigation proceedings pursuant to Dutch law composition plan, South African law s155 scheme proposal and related contractual arrangements.

As announced earlier, the "Settlement Effective Date" occurred on February 15. The Bar Date accordingly elapsed on May 15.

Marcel Windt, Chairperson of the SRF said, "Subject to completion of the claims administration and verification process, the expiry of the timelines prescribed in the Global Settlement and following the completion of certain assurance processes, it is the SRF's intention to commence with the distribution of proportionate cash recoveries, to claimants holding valid and accepted claims, at the earliest opportunity in 2023."

SRF is the Dutch foundation established to independently oversee the administration of claims.

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