15225 replies to this topic

[Olymphia]

Kan jybin engels practice, ek nie verstaan die laaste nuts artikle

[Squideye]

Steinhoff: Aktiviste dreig met hofgeding teen nuwe plan met skuld.

Steinhoff het drie maande om sy aandeelhouers en krediteure te oortuig van ’n plan wat tot die ordelike verkoop van sy bates, insluitend sy belang in Pepkor, oor die komende drie tot vyf jaar gaan lei. Daarna word die groep ontbind en verdwyn sy notering op die JSE. Aandeelhouersaktiviste wat Steinhoff se gewone aandeelhouers in Suid-Afrika en Duitsland verteenwoordig, dreig om voort te gaan met hofsake om die groep se nuwe plan met sy skuld te ontspoor. ’n Vereniging vir aandeelhouersbeskerming van Duitsland, SdK, het onlangs op Steinhoff se jaarvergadering al die besluite afgestem oor ’n plan wat die groep in werking sou stel wat tot Steinhoff se denotering sou lei.

 

https://www.netwerk2...-skuld-20230331

Edited by Squideye, 31 March 2023 - 12:31 PM.

[Squideye]

BDTV  from 15:10 min @

 

Edited by Squideye, 31 March 2023 - 10:28 AM.

[Squideye]

German shareholder group gears up to fight 'unfair' Steinhoff debt plan in court.

A major group of German investors says it has the necessary funds to fight Steinhoff's recently announced restructuring plan, which risks leaving shareholders with nothing.  

The Schutzgemeinschaft der Kapitalanleger (SdK) is a private body representing shareholders' rights and interests in Germany and other countries. 

"SdK is convinced that it can build up considerable pressure on [Steinhoff's] board of directors," said board member Marc Liebscher....

 

https://www.news24.c...-court-20230331

[Squideye]

Steinhoff’s painful lesson @ https://www.business...painful-lesson/

 

Signing Steinhoff’s death warrant @ https://www.business...-death-warrant/

[Squideye]

Steinhoff maak ‘n nuwe plan vir sy skuld @ https://dl.iono.fm/e...5443_medium.m4a

[Squideye]

Steinhoff shares drop as it announces a restructuring plan which might see shareholders lose their investment @ https://www.iol.co.z...ce-d4f0dd175d46

[Squideye]

WHOA Restructuring Plan @ https://www.steinhof...turing-plan.php

 

Response to open AGM questions @ https://www.steinhof...M-questions.pdf

Edited by Squideye, 29 March 2023 - 08:09 AM.

[Squideye]

...https://youtu.be/ouf6_sg451g?t=1199

[Squideye]

  Summary...

Attached Files

•  20230328a.pdf   2.53MB   6 downloads

[Squideye]

Steinhoff’s new debt plan: shareholders lose everything @ https://www.business...ose-everything/

[Squideye]

Steinhoff shareholders risk losing shares as firm seeks new debt repayment holiday @ https://www.news24.c...oliday-20230328

[Squideye]

STEINHOFF: LAUNCH OF WHOA RESTRUCTURING PLAN

Steinhoff International Holdings N.V. is referred to as “SIHNV” or the “Company” and with its

subsidiaries, “Steinhoff” or the “Group”; “Group Services Debt” means the indebtedness

under (i) the Contingent Payment Undertakings (“CPUs”) entered into by SIHNV; and (ii) the

debt facilities entered into by Steenbok Lux Finco 1 S.à.r.l. (“LuxFinco 1”), Steenbok Lux Finco

2 S.à.r.l. (“LuxFinco 2”) and Hemisphere International Properties B.V. (“Hemisphere”) (the

instruments together, the “Group Services Debt Facilities”), each as amended from time to

time.

 

Steinhoff’s Management Board and Supervisory Board resolved on 28 March 2023 to initiate

a Dutch law restructuring plan (akkoord) (“WHOA Restructuring Plan”) to implement its

proposed maturity extension transaction (the “Maturity Extension Transaction”) in respect

of its Group Services Debt, first announced by the Company on 15 December 2022.

 

The launch of the WHOA Restructuring Plan follows the rejection of the proposal to approve

the Maturity Extension Transaction and related equity reorganisation by the Company’s

shareholders at the Company’s annual general meeting held on Wednesday 22 March

2023 (the “2023 AGM”).

 

An outline of the restructuring plan was included in the Company’s circular to shareholders

issued on 8 February 2023 in connection with the 2023 AGM (the “Circular”). A draft version

of the WHOA Restructuring Plan, supporting valuations by BFI and Analysis Group and

related materials will be available on the Company’s website on 29 March 2023.

 

The WHOA Restructuring Plan will affect the Company’s financial creditors, certain intra

group creditors and the Company’s shareholders. The WHOA Restructuring Plan does not

affect the Company’s obligations in respect of the global litigation settlement that was

successfully concluded on 15 February 2022.

 

The launch of the WHOA Restructuring Plan will initiate a period of consultation on the terms

of the proposed plan between the Company and the affected stakeholders. The

Company estimates that this consultation period will take at least two weeks. Affected

stakeholders may submit views on the draft WHOA Restructuring Plan during this

consultation period via email to compsec@steinhoffinternational.com.

 

At the conclusion of the consultation period, the Company will finalise its restructuring plan

and set out the timetable for consideration and voting on the plan by the affected classes.

Updates on the timetable and information about how affected stakeholders may exercise

their voting rights will be provided by the Company on the Company’s website in due

course.

 

Under the terms of the WHOA Restructuring Plan, the Maturity Extension Transaction will,

amongst other things, result in the following amendments.

 

•   An extension of the maturity date under the Group Services Debt Facilities, associated

    CPUs of the Company and intercompany loans to at least 30 June 2026, with two

    twelve-month extension options available with majority lender consent under each of

    the Group Services Debt Facilities.

 

•   the Steinhoff Europe AG (“SEAG”) Facility A2 lenders receiving the full benefit of the

    SEAG CPU after the refinancing of the SEAG Facility A1 and SEAG Facility A2. The SEAG

    Facility A2 lenders will also benefit from a reclassification of the existing SEAG Facility A2

    into an instrument which is fully covered by the SEAG CPU (sized at 87% of the existing

    SEAG Facility A2), with the excess (13%) to be reclassified to SEAG Facility B2 or a new

    tranche fungible with SEAG Facility B2 (which does not benefit from a CPU). This

    effectively represents an increase in CPU coverage for the SEAG Facility A2 lenders from

    80.3% to 87%.

 

•   An amendment and extension of the Hemisphere facilities on terms announced on 16

    December 2022.

 

•   A resetting of the SEAG Facility A2 coupon at 10.0% (compounding semi-annually) from

    30 June 2023 from the current 10.75%. To ensure full CPU coverage for SEAG Facility A2

    going forward, the notional rate under the SEAG CPU will be aligned to grow at the

    same rate.

 

•   Amendments to the relevant debt documents of the Group resulting in CPU holders

    being paid ahead of any holders of equity instruments issued by SIHNV or any new

    ultimate parent entity of the Group (such new ultimate parent entity of the Group, “New

    Topco”).

 

•   A “solvent distribution regime” to facilitate an efficient distribution of the Group’s assets

    at fair value directly to financial creditors, subject to any legal and regulatory

    restrictions, if debt has not been discharged in full at extended maturity (or following

    any earlier acceleration). The regime includes limited recourse terms and “solvent

    liquidation” provisions for the benefit of SIHNV (including New Topco) and its subsidiaries.

 

•   As previously disclosed, given that the Company’s general meeting did not approve

    the Maturity Extension Transaction and related equity reorganisation at the 2023 AGM,

    it is intended that under the WHOA Restructuring Plan 100% of the potential economic

    interests in the post-closing equity of the Group will be for the benefit of the individual

    financial creditors as at the date of completion of the restructuring.

 

•   In a change to the position described in the Circular, it is now proposed that the

    financial creditors will be issued CVRs by New Topco on substantially similar terms to the

    CVRs that had been originally proposed to be issued to the SIHNV shareholders. As set

    out in the Circular, New Topco will be an unlisted company. The shares in New Topco

    will be held by five separate and independent Dutch foundations. The financial

    creditors will not receive depositary receipts from the Dutch foundations as previously

    indicated in the Circular.

 

•   As part of the WHOA Restructuring Plan, it is envisaged that such number of ordinary

    shares in SIHNV will be issued to the separate and independent Dutch foundations that

    they will in aggregate hold 50% plus one share in the share capital of the Company.

 

•   The expectation is that following implementation of the Maturity Extension Transaction,

    a proposal will be made to the shareholders of the Company to dissolve and liquidate

    SIHNV which, if approved, will result in the existing SIHNV shares including their current

    listings falling away with no financial compensation payable to shareholders. The

    dissolution of SIHNV (including the termination of the secondary listing on the

    Johannesburg Stock Exchange) is subject to approval of the South African Reserve

    Bank.

 

The support agreement entered into by the Company, Newco 3 and the several financial

creditors as announced on 15 December 2022 remains in place and the intention remains

to implement the Maturity Extension Transaction by the “Long Stop Date” of 30 June 2023.

 

If the WHOA Restructuring Plan is not successful or is not confirmed by the Dutch court by

30 June 2023, the Company may be in default under the relevant finance documentation

as per 30 June 2023 and certain elements of the Maturity Extension Transaction including

the equity reorganisation may be implemented by way of enforcement of security rights by

the financial creditors alongside the implementation of other terms of the Maturity Extension

Transaction. In these circumstances, SIHNV would lose its interests in the underlying Group

businesses and assets and shareholders would retain no economic interest in the

restructured Group.

 

The Maturity Extension Transaction, including the equity reorganisation, is subject to new

financial creditor consents and confirmation by the Dutch Court. There is no certainty that

such consents or confirmation order will be achieved before the current maturity date

under the Group Services Debt of 30 June 2023 following which the financial creditors may

enforce their rights.

 

The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing

on the JSE Limited.

[Squideye]

 ...https://youtu.be/IFuD989LI7c?t=461

[Squideye]

  WHOA restructuring...

Attached Files

•  20230328.pdf   2.26MB   20 downloads

[Squideye]

German shareholders trip up Steinhoff @ https://www.moneyweb...p-up-steinhoff/

[DeltaHedge]

You have said on this platform that you will settle my losses. Louis.....

U got owned son !

[Zanme]

What I miss, happy i sold , seems like just a ball-ache now, where is that baboon zanme ?

Your GURU LOUIS AND DIE STELLENBOSCH

[Zanme]

What I miss, happy i sold , seems like just a ball-ache now, where is that baboon zanme ?

You have said on this platform that you will settle my losses. Louis.....

[DeltaHedge]

What I miss, happy i sold , seems like just a ball-ache now, where is that baboon zanme ?