The second lock-up agreement of Steinhoff International Holdings in connection with the restructuring of the Group company Hemisphere International Properties came into force yesterday. This was announced by the Steinhoff Group. Steinhoff had received the necessary approval for the lock-up agreement in advance from creditors, who together represent around 90 % of the receivables due from Hemisphere. The agreement essentially provides for a standstill period to facilitate the restructuring of the Steinhoff company. Restructuring is scheduled to begin on August 3. The revolving credit line of €750m running through Hemisphere is to be refinanced mainly by means of a secured long-term loan. The new loan is due for repayment in three years.
The lock-up agreement between the Group companies Steinhoff Europe, Steinhoff Finance Holding and Stripes US Holding and their creditors came into force on July 20. The restructuring of these three subsidiaries is now to be initiated within three months.