Steinhoff asks for approval for lock-up agreement

12.07.2018 − 

Steinhoff International Holdings yesterday started the approval process for the lock-up agreement of the Group companies Steinhoff Europe, Steinhoff Finance Holding and Stripes US Holding. The group is asking for the approval of the creditors until next Monday. If Steinhoff receives the necessary approval, the restructuring of the Group will be initiated within three months and will last for three years.

The lock-up agreement provides for a standstill agreement and a limited right of recourse until the end of the restructuring phase. In addition, each creditor must agree to support the restructuring and not take measures that force debt repayment before the end of the restructuring. The creditors must agree to the rollover and extension of the due date for claims against Steinhoff Europe, Steinhoff Finance Holding and Stripes US Holding and also undertake not to transfer their voting rights or interest to third parties before they have also given their consent to the lock-up agreement. In return, Steinhoff undertakes, among other things, to coordinate future personnel changes in the Supervisory Board or Management Board with a newly formed "Governance working group". The Governance working group consists of certain creditor representatives.

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