Steinhoff investors have agreed to CVAs

18.12.2018 − 

The creditors of the companies Steinhoff Europe and Steinhoff Finance Holding, now based in Cheltenham/Great Britain, approved the respective Company Voluntary Arrangements (CVA) at a lender meeting on 14 December. In total, 94 % of the Steinhoff Europe creditors and 99 % of the Steinhoff Finance Holding capital providers have expressed their support for the CVAs, which are to be used to reschedule the debts of both companies. In order for the CVAs to come into force under British insolvency law, however, Steinhoff still has to fulfil a number of conditions that are not specified in more detail.

According to information provided by the parent company Steinhoff International Holdings, reports on the capital provider meetings were submitted to the British insolvency court and the creditors were informed of the results of the respective votes. Among other things, the CVAs are intended to reorganize the corporate structure of Steinhoff Europe and refinance its debts. In addition, the convertible bond series issued by Steinhoff Finance Holding and running until 2021, 2022 and 2023 are to be restructured.

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