Steinhoff Updates On Progress Of Financial Restructuring

(RTTNews) - Steinhoff International Holdings N.V. updated on progress of financial restructuring and extension of long-stop date under lock-up agreement.

On 11 July 2018 the Company announced that it had entered into a lock-up agreement in connection with the restructuring of the financial indebtedness of the Company, Steinhoff Europe AG or "SEAG", Steinhoff Finance Holding GmbH or "SFHG" and Stripes US Holding, Inc. ("SUSHI") or the "LUA". Subsequent announcements on 19 July 2018, 20 July 2018 and 17 August 2018, all provided further updates on the LUA, which became effective on 20 July 2018.

The Group has received significant support from creditors through the creditor accession process with the LUA having been acceded to by approximately 90 per cent. of the creditors holding SUSHI's US$200 million revolving loan facility (as well as creditors holding in excess of 90 per cent. of SEAG's external financial indebtedness and creditors holding in excess of 95 per cent. of SFHG's external financial indebtedness.

The refinancing of certain financial indebtedness of Greenlit Brands Pty Ltd (formerly known as Steinhoff Asia Pacific Group Holdings Pty. Limited) was implemented on 27 September 2018 and includes the amendment and restatement of certain intragroup loans, as well as a new senior revolving credit facility and bilateral facilities of AUD$256 million for the refinancing of existing senior financing. The refinancing provides facilities for the Greenlit businesses through to maturity in October 2020.

The filing by the Company's subsidiary Mattress Firm, Inc. of voluntary pre-packaged Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware on 5 October 2018.

The company said that discussions with the relevant creditors under the LUA in relation to the implementation of the Restructuring continue to progress well and the negotiations of the long form documentation required for the implementation of the Restructuring are well advanced. In order to finalise such documentation, the Company has today requested that creditors under the LUA provide their consent to an extension of the long-stop date (currently 20 October 2018, being three months from the LUA Effective Date) to 20 November 2018.