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12 October 2021 / news

Loyens & Loeff advises on restructuring of Steinhoff International Holdings N.V.

Loyens & Loeff has been acting as Dutch counsel to an ad hoc group of financial creditors of the Steinhoff group following accounting irregularities coming to light at the end of 2017. The financial creditors have since been providing essential support to the Steinhoff group in their efforts to achieve a resolution of the various difficulties facing the group.

Composition plans have been adopted by the group’s creditors in both the Dutch and South African jurisdictions. With the Amsterdam district court’s confirmation order of Steinhoff International Holdings N.V.’s (SIHNV) composition plan having become final, the Dutch leg of the implementation process of the Steinhoff group’s global settlement proposal has now completed.

Despite the recent introduction of the Dutch Scheme (WHOA) the Dutch composition plan was implemented through suspension of payments proceedings (surseance van betaling), introducing novel mechanisms such as a contractual bar date. Another noteworthy element of the process was that given the large number of creditors involved, voting on the composition plan took place by a committee of representatives appointed by the Amsterdam district court at the request of SIHNV’s administrators. The committee consisted of representatives of SIHNV’s various creditor groups – including the members of the ad hoc group on behalf of SIHNV’s financial creditors - which after due consideration unanimously adopted the composition plan.

The Loyens & Loeff restructuring team was led by Dutch partner Vincent Vroom and further consisted of among others senior associate Joris Dunki Jacobs and associates Puck Hendriksen and Rosalie Tielens.

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