Steinhoff International Holdings N.V. (SNH)

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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor alles kan beter » 18 Jul 2018 22:37

nog steeds geen nieuws...
geen verlenging meer aldus moet er een faling aankomen dan wel een overlevingsakkoord.
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor alles kan beter » 19 Jul 2018 12:06

UPDATE ON LOCK-UP AGREEMENT
Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)

The Company refers to its announcement on 11 July 2018 (the “LUA Announcement”)
confirming the launch of a consent process for a lock-up agreement (the “LUA”) in connection
with the restructuring of the financial indebtedness of the Company, Steinhoff Europe AG
(“SEAG”), Steinhoff Finance Holding GmbH (“Finance Holding”) and Stripes US Holding
Incorporated (“SUSHI”). The Company also refers to its subsequent announcements confirming
the extension of the deadline by which creditors must accede to the LUA in order to become
eligible for the Lock-Up Early Bird Fee (as defined in the LUA Announcement) to 8pm London
time on Wednesday, 18 July 2018 (the “Extended Early Bird Fee Deadline”).

The Company is pleased to announce that since the LUA Announcement the Group has
received significant support from its external creditor groups through the accession process to
the LUA. Based on the latest figures from the Calculation Agent (which remain subject to final
verification) the condition precedent to the LUA in respect of creditor accession has been
satisfied with (following the expiry of the Extended Early Bird Fee Deadline), approximately:

• 89% of the aggregate outstanding SEAG external financial indebtedness;

• 89% of the aggregate outstanding SUSHI external financial indebtedness;

• 92% of the aggregate nominal amount of the series of convertible bonds due 2021
issued by Finance Holding;

• 99% of the aggregate nominal amount of the series of convertible bonds due 2022
issued by Finance Holding; and

• 96% of the aggregate nominal amount of the series of convertible bonds due 2023
issued by Finance Holding,

now subject to the LUA.

The Company aims to satisfy, as soon as possible, the remaining conditions precedent to the
LUA (as outlined in the LUA Announcement) in order for the LUA to become effective. If the
LUA does not become effective in accordance with its terms by 20 July 2018 (being the date
on which the support period under the amended support letters (between the Company,
SEAG, Finance Holding and certain of their creditors) will terminate, absent any extension or
other form of creditor support), the Boards of SEAG and Finance Holding will need to assess
their options (including local reorganisation procedures) and obligations under the applicable
Austrian law.

Creditors of Finance Holding, SEAG and/or SUSHI who are not already party to the LUA may
still accede and become a party to the LUA in respect of all (but not less than all) financial
indebtedness of Finance Holding, SEAG and/or SUSHI of which they are a beneficial owner by
executing an accession letter to LUA. Creditors who accede to the LUA remain eligible to
receive the Lock-Up Fee (as defined in the LUA Announcement) notwithstanding the expiry of
the Extended Early Bird Fee Deadline and are encouraged to do so as soon as possible.

Any queries regarding the accession process in relation to the LUA should be directed to the
Calculation Agent at: Lucid Issuer Services Limited, Tankerton Works, 12 Argyle Walk, London,
WC1H 8HA, T: + 44 20 7704 0880, E: steinhoff@lucid-is.com.

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, 19 July 2018
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor alles kan beter » 19 Jul 2018 12:06

ANNOUNCE SINCE LUA ANNOUNCEMENT GROUP HAS RECEIVED
SIGNIFICANT
SUPPORT FROM ITS EXTERNAL CREDITOR GROUPS THROUGH ACCESSION
PROCESS TO LUA
* COMPANY AIMS TO SATISFY, AS SOON AS POSSIBLE, REMAINING
CONDITIONS PRECEDENT TO LUA IN ORDER FOR LUA TO BECOME EFFECTIVE
* CONDITION PRECEDENT TO LUA FOR CREDITOR ACCESSION
SATISFIED WITH
89% OF OUTSTANDING SEAG EXTERNAL FINANCIAL INDEBTEDNESS
* CONDITION PRECEDENT TO LUA FOR CREDITOR ACCESSION
SATISFIED WITH
ABOUT 89% OF OUTSTANDING SUSHI EXTERNAL FINANCIAL INDEBTEDNESS
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor Dirk19 » 19 Jul 2018 12:59

Hierzie! In het Vlaams 8-)


http://www.bloomberg.com/news/articles/2018-...

Steinhoff International Holdings NV heeft steun voor schuldeisers ontvangen voor de herstructurering van 9,4 miljard euro ($ 11 miljard) aan schulden, die door de omstreden detailhandelaar wordt gezien als een essentiële stap in de richting van herstel van een boekhoudschandaal.

De eigenaar van Conforama in Frankrijk en het matrasbedrijf in de VS zochten een verlenging van drie jaar naar betalingen vanwege kredietverstrekkers en obligatiehouders, omdat het Zuid-Afrikaanse bedrijf zijn balans herstelt. Ongeveer 89 procent van de houders van schulden in Steinhoff Europe AG is akkoord gegaan met de voorwaarden en de winkelier zal proberen het plan vóór de deadline van vrijdag af te ronden, volgens een verklaring van donderdag .

De aandelen bereikten 5,5 procent tot 0,2 euro vanaf 12:12 uur in Frankfurt, waar het bedrijf in 2015 zijn primaire notering uit Johannesburg verplaatste. Het aandeel heeft sinds eind vorig jaar 93 procent van de waarde verloren, toen Steinhoff financiële onregelmatigheden en Chief meldde Executive Officer Markus Jooste stopte.

Tussen 92 procent en 96 procent van de houders van converteerbare obligaties uit 2021, 2022 en 2023 uitgegeven door Steinhoff Finance Holding GmbH ondersteunde het plan, terwijl 89 procent van de schuld van Stripes US Holding Inc. de overeenkomst ondertekende.

"Het bedrijf streeft ernaar zo snel mogelijk aan de overblijvende opschortende voorwaarden voor de lock-upovereenkomst te voldoen, zodat deze effectief worden", aldus Steinhoff.
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor jack. » 19 Jul 2018 16:12

BRIEF-Steinhoff Provides Update On Hemisphere International Properties' Restructuring

15:39 (19/07) - Bron: RTRS

July 19 (Reuters) - Steinhoff International Holdings NV
:
* STEINHOFF INTERNATIONAL HOLDINGS NV - HEMISPHERE
RESTRUCTURING
UPDATE
* STEINHOFF - INDICATIVE COMMERCIAL TERMS FOR HEMISPHERE
RESTRUCTURING HAVE BEEN FINALISED WITH ADVISORS REPRESENTING
THIRD-PARTY CREDITORS OF HEMISPHERE
* STEINHOFF - IF HEMISPHERE LENDERS' APPROVAL IS OBTAINED,
EXPECTED NEXT STEP IS HEMISPHERE WILL NEGOTIATE WITH HEMISPHERE
LENDERS ON TERMS OF A LUA
* STEINHOFF INTERNATIONAL - HEMISPHERE LUA TO BE DESIGNED TO
IMPOSE STANDSTILL OBLIGATION ON HEMISPHERE LENDERS TO HELP
IMPLEMENTATION OF RESTRUCTURING
* STEINHOFF- THE NEW FACILITY INCLUDES PRINCIPAL AMOUNT OF
EUR
750MILLION PLUS ACCRUED AND UNPAID INTEREST, ROLLOVER AND
EXTENSION FEE

Source text for Eikon:
Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor alles kan beter » 19 Jul 2018 16:45

Dit stuk hernoemen naar jad, ik denk dat hier maar drie aandeelhouders zitten :D
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor Dirk19 » 19 Jul 2018 16:53

alles kan beter schreef:Dit stuk hernoemen naar jad, ik denk dat hier maar drie aandeelhouders zitten :D


Volgens mij heeft Zechs ook een grote positie in dit aandeel, maar zwijgt hij wijselijk omwille van de fiscus 8-)

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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor Dirk19 » 19 Jul 2018 22:49

A HEROIC RESCUE EFFORT?
Steinhoff’s plan B
The group remains in a precarious position, but the recent lock-up agreement offers a glimmer of hope
19 JULY 2018 - 05:00 ANN CROTTY
Steinhoff. Picture: BLOOMBERG/DWAYNE SENIOR
Steinhoff. Picture: BLOOMBERG/DWAYNE SENIOR
The Steinhoff International Holdings lock-up agreement (LUA), which was released to an unsuspecting public last week, is not for the faint-hearted.

It continues the Steinhoff tradition of remarkable complexity overwhelming all but the most determined of analysts.

"In the old days [before December 6 2017] trying to understand Steinhoff’s unwieldy structure was a full-time challenge. Now, trying to understand its restructure is almost as challenging," says one weary analyst.

At least, however, the 177-page document does help to explain why Steinhoff notched up R5.4m a day in legal and audit fees between December 2017 and end-March.

In between the dense legalese two things are made very clear.

First, the group is in an incredibly precarious position, and Louis du Preez is pretty much running the restructuring show. Most investors were all too aware of the precarious situation, and over the past few months some may have guessed at Du Preez’s dominant role in looking for a solution.

Du Preez, who was a corporate lawyer when he first emerged as a supervisory member of the Steinhoff board in May 2017, is Steinhoff’s go-to "obligor". The term, which conjures up images of something out of an Arnold Schwarzenegger movie, pops up regularly throughout the LUA. In the Steinhoff context, the term "obligor", which is relatively new to SA, refers to a bond issuer who is contractually bound to make all principal repayments and interest payments on outstanding debt. We know Du Preez is the main man, because he has signed off as obligor on behalf of nine of the 16 Steinhoff companies involved in the LUA.

If they can pull it off, Du Preez and chair Heather Sonn will be corporate heroes. But even if they don’t pull it off they will deserve kudos for their heroic efforts.


The LUA, which is due to become effective on July 20, will give Steinhoff three years’ breathing space, with creditors agreeing to hold off debt claims until December 2021.

Devin Shutte, head of investments at Robert Group, says it’s likely that in drawing up the LUA, Steinhoff consulted many of the bondholders and so had an indication of what they would accept. "The situation is not ideal for anyone, but if the LUA is not successful, then everyone loses," says Shutte.

It must also help that the bonds have recovered from the lows they fell to in December. This means that many of the "vulture funds" that swooped in then are already showing good returns. But that they are still trading at only about 50c in the euro indicates that Du Preez and Sonn face a daunting challenge.

The essential aspects of the LUA are that it refers only to the debt raised by Steinhoff Finance Holding, Steinhoff Europe AG (SEAG), Stripes US Holding Incorporated (SUSHI) and Steinhoff International Holdings. The SA operations, primarily Steinhoff Africa Retail and KAP, are not involved.

The agreement covers an estimated €9.4bn of debt and is offering a hefty 10% PIK (payment-in-kind, which includes interest and fees) return on that debt, which will be rolled up twice a year for the three years to 2021.

The 10%, which includes an "early-bird fee" for creditors who signed up early to the LUA, means the group will be adding almost €1bn a year to its debt burden, leaving it with a potential €13bn when the agreement expires.

It could be significantly worse if the creditors don’t get the necessary clearance to appoint independent directors to the board of a new entity. A new holding company will be placed just above Steinhoff Möbel Holding and will have oversight of SUSHI and SEAG. There are loose plans for a second to slot in just above Steinhoff Finance Holding.

The new holding company is set to play a critical role in overseeing the restructuring and ensuring that the interests of creditors are protected. If for any reason the creditors are unable to appoint directors to the new entity, then interest payment on their debt will increase from the hefty 10% to a daunting 15%.

Shutte says the creation of the holding company reflects how critical corporate governance issues are for Steinhoff creditors.

This means the rolled-up debt costs could be between €12bn and €14bn.

Given that there is absolutely no way Steinhoff will be able to pay this sort of bill, a debt-for-equity swap looks like an inevitable part of the planned restructuring.

The recent spike in the Steinhoff share price — up 133% over one month — has stalled an unrelenting eight-month free fall, but it may just be short-covering. Still, it suggests some investors are optimistic that the LUA will enable the Steinhoff team to rescue some value from the wreckage.

At some stage over the next few years, if things go well, shareholder support will be needed for the debt-for-equity swap.

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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor alles kan beter » 20 Jul 2018 11:37

yes!!!!
Steinhoff's creditors support debt lock-up, key to saving retailer
10:59 (20/07) - Bron: IDS
JOHANNESBURG (Reuters) - Steinhoff's <SNHJ.J> <SNHG.DE> creditors agreed to hold on their debt claims for three years, the embattled retailer said on Friday, throwing a lifeline for the South African retailer caught in the throes of an accounting scandal.
The parties will now seek to implement the restructuring within three months, the retailer said in a statement. Steinhoff's shares initially rose 3 percent in response to the news, but later pared its gains to trade down 1.69.
It is fighting for survival after revealing multi-billion euro holes in its balance sheet that wiped more than 90 percent off its market value and forced it to sell assets to fund working capital.

(Reporting by Nqobile Dludla; Editing by James Macharia)
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor jack. » 22 Jul 2018 17:39

Shareholders approve Steinhoff Africa Retail name change

17:33 (20/07) - Bron: RTRS

JOHANNESBURG, July 20 (Reuters) - Shareholders of South
Africa's Steinhoff Africa Retail (STAR) have approved changing
the company's name to Pepkor Holdings in a move to further
distance the company from its crisis-hit parent, Steinhoff
International SNHG.DE .
Parts of STAR's business were formally called Pepkor.
The resolution to change the company's name received 99.9
percent of votes from the shareholders present, STAR said in a
statement on Friday.
Steinhoff International has been fighting for survival after
revealing accounting irregularities which sent its shares
tumbling and sparked panic about the credibility of STAR's own
accounts.

(Reporting by Tanisha Heiberg
Editing by Alexander Winning and Louise Heavens)
((Tanisha.Heiberg@thomsonreuters.com; +27117753034; Reuters
Messaging: tanisha.heiberg.thomsonreuters.com@reuters.net))
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