Regional news: South Africa

Steinhoff’s contested South African scheme set for January hearing

Three weeks after an Amsterdam court confirmed its Dutch composition plan, retail conglomerate Steinhoff has revealed its contested South African scheme has been listed for a week-long sanction hearing in January – while it also faces uncertainty from a pending liquidation application.

15 October 2021

Steinhoff strikes tentative deal with large investor group

One of retail conglomerate Steinhoff’s largest creditors, which successfully claimed it breached South African law, has accepted a revised global settlement offer “in principle”, while the group has amended its South African scheme to block another disgruntled creditor from voting.

25 August 2021

Steinhoff settlement in danger

Embattled South African conglomerate Steinhoff’s global settlement is in jeopardy, after a Cape Town court ruled that a key part of its plan is invalid.

05 July 2021

Intu administrators given greenlight to pay creditors

The administrators of shopping centre owner Intu have won an English court’s permission to make distributions to unsecured creditors – and to extend its administration for two years in the hope that assets in Spain, India and the UK may become more advantageous.

17 June 2021

Steinhoff investors’ consortium drops claims, but settlement still faces hostility

A consortium of shareholders seeking to disrupt South African conglomerate Steinhoff’s global settlement has withdrawn its opposition to the group’s Dutch suspension of payments proceedings – but other claimant groups remain hostile in the Netherlands and South Africa.

08 June 2021

Centerbridge withdraws Dutch proceedings after reaching Steinhoff agreement

A US investor linked to Centerbridge Partners has agreed to withdraw its application to appoint a Dutch restructuring expert over South African conglomerate Steinhoff, while the group’s former auditor Deloitte has pledged €70 million to support a global settlement of litigation claims.

15 February 2021

Heads-Up: Khurshid Fazel at Webber Wentzel in South Africa

Featured in Heads-Up

There's a lot of dry capital sitting there waiting to be used”. Head of Webber Wentzel’s restructuring and insolvency team Khurshid Fazel tells GRR about opportunities in the distressed M&A space in Africa, how her views on globalisation have changed, and why she thinks firms that commoditise parts of their offering are going to get an edge in the future.

05 February 2021

Steinhoff scheme sanctioned

South African conglomerate Steinhoff has secured sanction of its latest English scheme after the High Court dismissed objections made by a US fund linked to distressed investor Centerbridge Partners.

05 February 2021

Centerbridge-linked investor urges English court to reject Steinhoff scheme

The terms of a global settlement of litigation claims against Steinhoff are “manifestly unfair”, according to a US investor that has urged the High Court in London not to sanction the South African conglomerate’s latest scheme.

27 January 2021

Steinhoff seeks UK scheme sanction as US investor files rival Dutch action

On the first day of a sanction hearing for Steinhoff’s latest English scheme it has emerged that an opposing party affiliated with distressed investor Centerbridge Partners has filed rival proceedings under the new Dutch WHOA process.

26 January 2021

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