Steinhoff announces additional support for subsidiaries’ restructuring

By Caroline Salls

Pittsburgh, June 13 – Steinhoff International Holdings NV said the Steinhoff group has continued to receive further support from its creditor groups for the restructurings of Steinhoff Europe AG (SEAG) and Steinhoff Finance Holding GmbH.

According to a news release, the formal support letters have now been signed by holders of 83.27% of convertible bonds due 2021, holders of 93.36% of convertible bonds due 2022 and holders of 75.54% of convertible bonds due 2023. All three of those bond series were issued by Steinhoff Finance.

As a result, the company said Steinhoff Finance now has sufficient levels of support within each series of convertible bonds to amend the terms and conditions of each series and it intends shortly to launch a consent solicitation process in order to formally amend the terms and conditions of each series of convertible bonds.

Steinhoff International said the necessary approvals were already obtained under the SEAG support letter.

Other creditors of SEAG and Steinhoff Finance may enter into the support letters until June 30.

However, a consent fee related to the SEAG support letter will only be payable to creditors who are party to the support letter by June 15, and the consent fee for the Steinhoff Finance support letter was only available to creditors who signed the letter by June 11.

The group said it remains in discussions with its creditors to agree and implement a restructuring plan.

Steinhoff is a Stellenbosch, South Africa-based household goods retailer with stores in Europe, Africa and Australia.

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