Steinhoff International Holdings N.V. - incorporated in the Netherlands - confirmed in a SENS statement issued on Sunday that in excess of 85% of the group's financial creditors have confirmed their support of a proposed extension and consequently the long-stop date has been amended to 20 November 2018.
Steinhoff International Holdings N.V. announced on 15 October 2018 that it had requested that the creditors under the Lock-Up Agreement (LUA) provide their consent to an extension of the long-stop date from 20 October 2018 to 20 November 2018.
The extension is required to provide additional time for the long form documentation for the implementation of the restructuring of the financial indebtedness of the company, Steinhoff Europe AG, Steinhoff Finance Holding GmbH and Stripes US Holding to be finalised.
The group said in the statement that it remains the objective to complete the restructuring as soon as possible.
To facilitate the implementation of the restructuring, the company has also sought the consent of creditors under the LUA in respect of certain proposed amendments relating to the mechanics by which the restructuring may be undertaken.
"The requisite consent levels to such requested amendment have been obtained other than in relation to the 2021 series of bonds and we expect to achieve the necessary threshold under that series shortly," says the SENS statement.
Creditors that have not yet consented to that request can do so ahead of the deadline of 17:00 (London time) on Tuesday 23 October 2018.
Shareholders and other investors in the company are advised to exercise caution when dealing in the securities of the group.
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