Multinational retail holding company Steinhoff International Holdings (SIHNV) has received creditors’ approval for its debt restructuring plan.
All three classes of creditors, including conditional payment undertaking (CPU), secured and unsecured, voted in favour of the restructuring plan during the voting.
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A report from Reuters revealed that the plan would see the company’s parent company delisted while a new unlisted holding structure will be created with court approval.
While the plan received 100% approval from creditors, only 10.38% of SIHNV’s shareholders voted in favour of the plan.
In a statement, the company said: “This is less than two-thirds of the nominal value of SIHNV Shares of the relevant members of the Class of SIHNV Shareholders that voted in respect of the WHOA Restructuring Plan. The Class of SIHNV Shareholders has therefore not approved the WHOA Restructuring Plan.”
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Steinhoff will include the voting results in the Voting Report, which is expected to be published on the company’s website on 31 May 2023.
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By GlobalDataThe company added: “As a next step, SIHNV will consider if it intends to request the Court to confirm the WHOA Restructuring Plan.”
Steinhoff has been under pressure following financial mismanagement by some of its top executives in 2017.
Last month, the company offered a new deal to its shareholders to avoid bankruptcy.
Steinhoff owns South African retailer Pepkor and Europe’s Pepco.
