Steinhoff restructuring has come to fruition says CEO Louis du Preez

Steinhoff Financial Holding GmbH and Steinhoff Europe AG have successfully completed their financial restructuring.

Steinhoff International Holdings has announced that Steinhoff Financial Holding GmbH (SFHG) and Steinhoff Europe AG (SEAG) have successfully completed the implementation of their restructuring. 

According to a statement released by the group, the restructuring has implemented certain changes to its European corporate holding structure, as well as the restructuring of both SEAG and SFHG’s financial indebtedness, among other things. 

Steinhoff CEO Louis du Preez said: 

“The months of hard work on the financial restructuring have today come to fruition. Implementation of the restructuring is a major milestone on our recovery journey, bringing with it the stability that will allow us to turn the page and concentrate fully on maximising value from our operating companies.” 

He said that the company wishes to express its gratitude to its stakeholders for their support throughout the restructuring and that it remains committed to improving the performance of its operational businesses across the group, reducing its debt, resolving the legal claims against it and delivering value for its stakeholders. 

The statement further elaborated that, following the successful implementation of the restructuring, three nominated directors have been appointed to the boards of holding company Newco 3 and certain key intermediate holding companies. 

The three nominated directors are Helen Bouygues, Neil Brown and Paul Soldatos. They will be joining du Preez and Steinhoff CFO Theodore de Klerk on the boards.