DGAP-News: Steinhoff International Holdings N.V. : Update on Restructuring and Governance

2018. november 19., hétfő, 11:25





DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous


Steinhoff International Holdings N.V. : Update on Restructuring and Governance


19.11.2018 / 11:25



The issuer is solely responsible for the content of this announcement.



Steinhoff - Update on Restructuring and Governance



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



Restructuring Update



The Company refers to its announcement on 19 October 2018 (the "19 October Announcement") in respect of the extension of the long-stop date under the lock-up agreement entered into by the Company on 11 July 2018 (the "LUA") to 20 November 2018, to provide time for the long form documentation for the implementation of the Restructuring (as defined in the 19 October Announcement) to be finalised.



Significant progress has been achieved since the 19 October Announcement and the Company is pleased to confirm that it intends to launch shortly:



- a company voluntary arrangement (the "CVA") in relation to Steinhoff Europe AG ("SEAG");



- a consent solicitation process by the Company (the "Consent Solicitations") in respect of Steinhoff Finance Holding GmbH ("SFHG") issued convertible bonds.



A further announcement providing additional detail on the CVA and the Consent Solicitation will be made shortly.



The CVA and the Consent Solicitations relate to the restructuring of debt at SEAG and SFHG and are not expected to have any impact on any of the Group"s operating businesses, their landlords or trade creditors.



The Company is also pleased to confirm that the Chapter 11 plan of its subsidiary Mattress Firm, Inc. (together with its U.S. affiliates, "Mattress Firm") was approved by the US Bankruptcy Court on 16 November 2018, and Mattress Firm is expecting to exit from the Chapter 11 proceedings following satisfaction of the conditions precedent to the effectiveness of the Chapter 11 plan.



Governance Update



The Company"s efforts since December 2017 have been largely focused on stabilising the Group while engaging in an extremely complex and extensive restructuring process. Having led the Group through the repayment of the South African debt and on to the final implementation stages of the restructuring to stabilise the Group for the next three years, Danie van der Merwe (60), who has been Acting CEO since 19 December 2017, having accomplished the goals set out above, has now decided to step down from this position effective 31 December 2018. He will be succeeded by Louis du Preez. Danie will remain with the Group until 1 December 2019, during which period he will assist the incoming CEO and the Management Board.



The Supervisory Board would like to thank Danie for his willingness to take on the role at a time of crisis, for his contribution to the Management Board that has successfully steadied the Group and for his guidance and leadership throughout the difficult circumstances during the restructuring process.



Louis du Preez, presently Commercial Director, who has, together with Philip Dieperink, CFO, been leading the negotiations in the restructuring of the Group, has been designated as the new CEO. Louis joined the Steinhoff group in mid-2017 and was nominated as Commercial Director and member of the Management Board on 19 December 2017.



Heather Sonn, chairperson of Steinhoff International Holdings N.V. said:



"Our restructuring continues to make good progress, and the launch of SEAG CVA and Consent Solicitations, as well as Mattress Firm"s anticipated emergence from Chapter 11, will all represent significant milestones in the process. Importantly, the implementation of these necessary measures to restructure our debt, will enable management to focus fully on driving the performance of our operating businesses.



Danie van de Merwe stepped into the role of acting CEO in late 2017 to help stabilise the Company and its underlying operations in the wake of the crisis. His tireless efforts and considerable expertise mean that today, the underlying operational businesses have been refinanced, where required, and continue to trade. We thank him for this significant contribution to the Group, acting always in the interests of all stakeholders.



Louis du Preez brings a wealth of commercial and corporate experience to the role of CEO from his successful legal career. Having led the negotiations of the complex restructuring process since joining the Management Board earlier this year, he has also developed good relations with the Group"s key stakeholders and a deep knowledge of the Group"s global operations. He is the ideal candidate to lead the Company through the final stages of the restructuring and into the next phase of its development and his designation as CEO will provide important continuity for the Group and all of its stakeholders. We are delighted that he has agreed to step into this permanent position with the full support of the Management and Supervisory Boards."



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



Stellenbosch, 19 November 2018
















19.11.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Steinhoff International Holdings N.V.

Herengracht 466

1017 CA Amsterdam

Netherlands
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





 
End of News DGAP News Service





747925  19.11.2018 



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