Updates and Press Releases
3 May 2021
Court Hearing Concerning Application Administrators for the Appointment of a Committee of Representation & for Measures Regarding the List of Claims
A hearing about the application filed on 23 April 2021 by the administrators requesting (i) the appointment of a Committee of Representation and (ii) measures regarding the list of claims as referred to in Article 259 of the Dutch Bankruptcy Act (Faillissementswet) will take place on Wednesday 19 May 2021 at 10.30 hours CET.
31 March 2021
ACGs support settlement offers of Steinhoff, Deloitte and D&O Insurers
Four large active claimant groups who represent market purchase claimants based in South Africa and elsewhere, have confirmed their support for, and will recommend that their respective constituents support, the Steinhoff Global Settlement and its implementation by way of the Dutch suspension of payments commenced on 15 February 2021 and the S155 proposal under South African law. Any litigation initiated by these ACGs against Steinhoff and its former directors and officers will be suspended immediately. After the successful implementation of the Dutch SoP and the S155 Proposal, this litigation will be terminated.
25 March 2021
s155 Voting Deadline Date
Under Steinhoff International Holdings Proprietary Limited’s proposal in terms of section 155 of the South African Companies Act, 2008, for those who qualify as “Scheme Creditors” and wish to participate and vote at the “Meeting” (each as defined in the S155 Proposal), the last date for submitting claims to the Claims Administrator for verification is 5 May 2021. Any Scheme Creditor wishing to participate in and vote at the Meeting must file their claims prior to this date.
23 March 2021
Update on Steinhoff Global Settlement Progress
Steinhoff International Holdings N.V. and Steinhoff International Holdings Proprietary Limited have reached an agreement with certain insurance companies underwriting Steinhoff’s (primary and excess) Directors and Officers insurance policy and certain former directors and officers who have worked for or been associated with a Steinhoff Group Company.
16 February 2021
Steinhoff Global Settlement – Implementation Commenced
Following the opening of the Dutch SoP, Steinhoff International Holdings Proprietary Limited has launched a statutory compromise process under South African law also as part of the implementation of the Steinhoff Group global settlement.
16 February 2021
Dutch Suspension of Payments procedure opened for SIHNV
Further to Steinhoff International Holdings N.V.’s announcement of 15 February 2021 the Amsterdam District Court has today approved SIHNV’s application for the opening of a Dutch “suspension of payments” procedure in respect of SIHNV.
15 February 2021
SIHNV resolves to file application for suspension of payments
Steinhoff International Holdings N.V. has resolved to lodge with the Amsterdam District Court an application for Dutch “suspension of payments” procedure as soon as practicable to implement its proposal to settle certain multi-jurisdictional legacy litigation and various claims against SIHNV.
15 February 2021
Steinhoff Global Settlement –Agreement with Deloitte and Conservatorium
Steinhoff International Holdings N.V. (“SIHNV”) previously announced that a hearing, scheduled for 8 February 2021, in the Amsterdam District Court following a request by Conservatorium Holdings LLC (“Conservatorium”) to appoint a restructuring expert to SIHNV (the “Application”) had been postponed until 15 February 2021. However, following a number of constructive engagements between the parties an agreement has been reached, in principle, between, among others, SIHNV, Steinhoff International Holdings Proprietary Limited, Conservatorium and certain entities linked to Christo Wiese. This agreement is subject to a number of conditions. The result of agreement reached among the parties is that Conservatorium will withdraw the Application.