Steinhoff International Holdings N.V. (SNH)

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

Berichtdoor alles kan beter » 14 Jun 2018 15:40

Austrian property developer Rene
Benko has offered 450 million euros ($532 million) for Austrian
Steinhoff SNHG.DE unit Kika/Leiner, daily Die Presse
reported on Thursday.
The offer expired at 1130 GMT, the paper said, citing
sources familiar with the issue. Daily Oe24 said earlier that
Benko was offering around 500 million euros.
Benko, who according to his website owns a 12 billion euro
real estate portfolio and generates annual revenue of 4 billion
euros with retail businesses via his Signa Holding, was not
immediately available for comment
Kika/Leiner, which has annual sales of around one billion
euros, was also not available for comment.
Steinhoff revealed holes in its accounts six months ago,
shocking investors who had backed its reinvention, sending its
shares crashing and leaving it scrambling to pay its debts.
On Tuesday, its creditors agreed to give it more time to
restructure 9 billion euros ($11 billion) in debt. Holders of
2.7 billion euros in three convertible bonds backed a debt
standstill agreement, the company said.
The South African retailer is listed in Johannesburg and
Frankfurt but its parent is incorporated in the Netherlands.
Just when you think you've hit rock bottom, someone will hand you a shovel.



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

Berichtdoor Dirk19 » 14 Jun 2018 21:44

Ziet er toch naar uit dat de boel nog gered gaat worden.
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor alles kan beter » 15 Jun 2018 15:44

South Africa's Steinhoff
Africa Retail (STAR) said on Friday it plans to change
its name to Pepkor Holdings Limited.
STAR, which previously said it was financially independent
of its scandal-hit parent company Steinhoff International
SNHG.DE , said its historic operations of Pepkor
represent the majority of the firm's revenue and operating
profit and is representative of the group.
Just when you think you've hit rock bottom, someone will hand you a shovel.

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

Berichtdoor Dirk19 » 16 Jun 2018 15:13

By Maryam Cockar
Steinhoff International Holdings NV (SNH.JO) said Friday that it will sell its loss-making Kika/Leiner furniture retail operating companies and property holding companies to Signa Holding GmbH.
The South African retailer said it accepted a conditional offer from Signa for all Kika/Leiner assets and that, should the deal be finalized, the consideration for each of the operating companies will be nominal. The consideration for the property companies will be based on an agreed enterprise value, subject to adjustments.
Signa, an Austrian property company, will carry out due diligence for the operating companies until June 19. The deal to buy the property holding companies is expected to close by the end of September.
Steinhoff said any cash demands on the group from the Kika/Leiner sale assets will now cease.
The company said it had been restructuring Kika/Leiner but credit insurers of suppliers to the retail businesses withdrew their credit insurance cover at the start of June. The withdrawal of credit support placed further liquidity constraints on the Kika/Leiner businesses, adding to tough trading conditions.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
June 15, 2018 01:53 ET (05:53 GMT)
© 2018 Dow Jones & Company, Inc.

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

Berichtdoor alles kan beter » 22 Jun 2018 10:51

South African retailer Steinhoff International Holdings N.V. <SNHJ.J> said it had agreed to sell Kika/Leiner furniture and household goods retail unit to Austrian property and retail investor Rene Benko's Signa Holding GmbH for a "nominal amount".
Steinhoff revealed holes in its accounts six months ago, shocking investors who had backed its reinvention, sending its shares crashing and leaving it scrambling to pay its debts.
Steinhoff said the consideration for Kika/Leiner operating companies would be a nominal amount, but did not disclose details. Kika/Leiner said last week that Benko had reached a deal to buy the company, saving it from bankruptcy.
The South African firm said the sale would require clearance from the competition authorities in Austria, the Czech Republic and Slovakia on or before Sept. 30.
Kika/Leiner has a market share of around 20 percent in its home market, targeting upmarket as well as price-conscious customers with a broad product range.
It needs further funding besides a turnaround plan focusing on reducing product range and headcount, Steinhoff said in a presentation last month. The unit's marketability and fair value were not currently possible to assess, it said.
"Signa has prior restructuring experience in the retail sector and as such offers the Kika/Leiner business, its suppliers, customers and employees the support required at this time," Danie van der Merwe, acting Steinhoff CEO, said.
Benko controls a 12 billion euro ($14 billion) real estate portfolio and generates annual revenue of 4 billion euros with retail businesses via his Signa Holding, according to his website.
Benko already bought Kika/Leiner's flagship store in central Vienna shortly after the Steinhoff crisis erupted in December.
Steinhoff also said on Friday it would sell property holding companies to Signa Holding GmbH based on an enterprise value of about 490 million euros (428.8 million pounds).
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor Dirk19 » 22 Jun 2018 10:51

ECB sets aside 69 million euros after Steinhoff loss
[Reuters]
Reuters•June 20, 2018

(Reuters) - The European Central Bank has set aside 68.9 million euros (60.7 million pounds) to cover the loss on a corporate bond bought as part of its stimulus programme, the Banque de France said on Wednesday.

It was probably related to debt issued by Steinhoff, which the ECB decided to sell at a loss in January after the South African retailer became embroiled in an accounting scandal .

The ECB never disclosed the size of the loss, which had fuelled criticism of its Corporate Sector Purchase Programme - the second-largest component of a 2.6 trillion-euro money-printing programme aimed at boosting inflation.

"Following an impairment test conducted on the CSPP portfolios, the Governing Council has deemed it necessary to make a provision for a total amount of 68.9 million euros for losses on monetary policy operations relating to one security held by a Eurosystem central bank," the Banque de France said.

The Steinhoff bond was bought by the Bank of Finland, but the risk associated with credit purchases are shared among all of the euro zone's 19 central banks.

Some lawmakers, academics and activists deem credit purchases too risky for central banks because companies can go bust.

"However marginal relative to the ECB's unlimited financial resources, the Steinhoff loss ... shows the ECB's logic of buying whatever the market provides is clearly flawed," said Stanislas Jourdan, head of activist group Positive Money Europe.

Positive Money Europe calls for the ECB to spend its money on debt issued by the European Investment Bank or on causes such as green finance.

The ECB expects to stop buying new bonds at the end of the year, but it plans to reinvest the money it receives from debt that matures for a long time.

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

Berichtdoor Dirk19 » 29 Jun 2018 11:32

UPDATE ON CREDITOR SUPPORT LETTER EXTENSIONS FOR STEINHOFF EUROPE AG AND STEINHOFF
FINANCE HOLDING GMBH, FINANCIAL RESTRUCTURING AND H1 RESULTS
Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)

Extension of Support Letters

The Company refers to its announcements on 6 June 2018 and 12 June 2018 concerning the
entry by Steinhoff Europe AG (“SEAG”) and Steinhoff Finance Holding GmbH (“Holding”) into
formal letters of support with certain of their creditors (the “Original Support Letters”) and its
announcement of 27 June 2018 seeking certain amendments to the Original Support Letters
(the “Amended Support Letters”), primarily to extend the support period from 30 June 2018 up
to and including 20 July 2018.

The Group is pleased to announce that it has now received the following levels of support from
its creditors to the Amended Support Letters:

(i) creditors representing 85% of the external debt of SEAG;

(ii) holders of 85% in aggregate nominal amount of the series of convertible bonds due
2021 issued by Holding;

(iii) holders of 94% in aggregate nominal amount of the series of convertible bonds due
2022 issued by Holding; and

(iv) holders of 79% in aggregate nominal amount of the series of convertible bonds due
2023 issued by Holding,

and that the support period has been duly extended up to and including 20 July 2018.

Restructuring Update

The Company has reached agreement on the key commercial terms for the restructuring plan
with members of the ad hoc committees of third party creditors of SEAG, Stripes US Holding
Incorporated and Holding and the coordinating committee in respect of the Group’s
European creditors (the “Committees”) which takes into account the features of the
restructuring framework outlined in the Company’s presentation to the Group’s creditors on 18
May 2018.

The restructuring plan is intended to: (i) ensure fair treatment across the various creditors groups
having regard to their existing rights and claims; and (ii) provide stability to the Group and its
stakeholders to enable:

• management to focus on supporting and delivering value at the Group’s operating
businesses;

• an extended period of time in which to achieve a deleveraging of the Group; and

• a detailed assessment of all contingent litigation claims.

The Group is finalising the terms of a lock-up agreement (the “Lock-up Agreement”) with
respect to the implementation of the restructuring plan, which will give effect to and have
appended to it the term sheet and an implementation steps plan. The Lock-up Agreement is
designed, among other matters, to impose a standstill obligation on relevant creditors as
regards taking steps to seek the enforcement of their debts against certain of the Group’s key
finance companies or the Company for an agreed lock-up period so as to enable the formal
documentation required to implement the restructuring plan to be developed.

When the form of the Lock-up Agreement has been finalised with the Committees, a further
update will be provided to the market on the detailed terms of the restructuring plan and the
manner in which creditors outside of the Committees may accede to the terms of the Lock-
up Agreement.

Discussions regarding a potential restructuring of the financial indebtedness of Hemisphere
International Properties B.V. are ongoing, and the Company will provide a further update to
the market in due course.

H1 Results

Further to the Company’s announcement on 18 May 2018, the Company will be releasing the
unaudited consolidated interim results of the Group for H1 2018 later today.

Shareholders and other investors in the Company are advised to exercise caution when
dealing in the securities of the Group.
irhosted.profiledata.co.za/steinhoff/...
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Re: Steinhoff International Holdings N.V. (SNH)

Berichtdoor Dirk19 » 29 Jun 2018 13:57

JOHANNESBURG (Reuters) - De verontruste detailhandelaar Steinhoff zei op vrijdag dat het overeenstemming had bereikt over commerciële voorwaarden voor zijn herstructureringsplan met schuldeisers en kreeg ook de goedkeuring voor een verdere schuldstilstand.

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

Berichtdoor alles kan beter » 29 Jun 2018 18:08

South African retailer
Steinhoff SNHG.DE said it has booked $12 billion in
charges related to accounting irregularities discovered last
year, as it reported a widened half-year loss.
The writedown is the latest setback for the multinational
retailer, which has been fighting to stay afloat since it
revealed holes in its accounts last December that wiped $15
billion off its market value.
Steinhoff said 10.2 billion euros ($11.91 billion) of
charges related to overstated asset values and transactions
having to be reversed. The figure is 70 percent more than the 6
billion euros initially estimated.
The writedowns widened the company's operating loss to 152
million euros in the six months through March this year compared
with a 44 million euros a year earlier.
The owner of Mattress Firm in the United States and
Poundland in Britain delayed publishing its results in December
when it appointed auditing firm PwC to investigate past
accounting practices.
The probe, which is expected to be completed by the end of
this year, has so far uncovered that accounting irregularities
date back to at least the 2015.
($1 = 0.8579 euros)
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Just when you think you've hit rock bottom, someone will hand you a shovel.

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

Berichtdoor jack. » 29 Jun 2018 18:17

https://www.iex.nl/Nieuws/ANP-290618-21 ... 1528353553


Steinhoff leed dit jaar en vorig jaar verlies

Gepubliceerd op 29 jun 2018 om 17:38 | Views: 156

JOHANNESBURG (AFN/BLOOMBERG) - Meubelwinkelbedrijf Steinhoff heeft in het eerste halfjaar van zijn gebroken boekjaar een verlies geleden. Ook vorig jaar leverde het eerste halfjaar verlies op, bleek uit herziene cijfers.

Het nettoverlies kwam in de zes maanden tot en met maart uit op 621 miljoen euro. Dat was in de herziene cijfers over dezelfde periode een jaar eerder 380 miljoen euro. De omzet bedroeg in het eerste halfjaar 9,4 miljard euro, tegen 9,9 miljard een jaar eerder.

Steinhoff is getroffen door een boekhoudschandaal. Het bedrijf moet daarom de cijfers van de afgelopen jaren herzien. Ook zijn bedrijfsonderdelen verkocht om financiële ruimte te creëren. Sinds het boekhoudschandaal bekend is geworden is het bedrijf het overgrote deel van zijn beurswaarde kwijtgeraakt.
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