Regional news: South Africa

Steinhoff’s European subsidiaries complete €9bn restructuring

Scandal-hit South African retail group Steinhoff has announced the completion of its €9 billion European restructuring, but the news has failed to stop its share price falling below 1 Rand for the first time.

20 August 2019

Hogan Lovells partner takes team to Fasken in South Africa

Canadian firm Fasken has enhanced its insolvency and restructuring group in South Africa with four new hires from Hogan Lovells.

06 August 2019

Financial services employee declared bankrupt after absconding with nearly US$3 million

A former employee of a New Zealand foreign exchange and payments services company who fled to Singapore after transferring its funds to accounts he controlled, has been declared bankrupt in a case that has already sparked asset-recovery proceedings in New Zealand, Singapore, Belgium Lithuania and South Africa.

18 June 2019

Parakou vessel arrest undone in South Africa

A South African appeals court has ordered a Singaporean shipping company to release a vessel it had arrested in Durban in an attempt to enforce a US$40 million arbitral award against insolvent shipper Parakou.

13 March 2019

Steinhoff CVAs stall after Seifert challenge

South African retail conglomerate Steinhoff says “a company claiming to be a creditor” has filed an objection to company voluntary arrangements for two of its European subsidiaries, one month after creditors approved them.

11 January 2019

Steinhoff subsidiary Mattress Firm files pre-packaged Chapter 11 in Delaware

Texas-headquartered retailer Mattress Firm has filed for Chapter 11 protection in Delaware, blaming its financial difficulties on a “cannibalisation” of sales among stores following a rapid expansion of the business.

08 October 2018

Steinhoff to launch restructuring in England

Embattled South African retail conglomerate Steinhoff is planning to implement a restructuring of its European group in England, with two of its Austria-based subsidiaries having relocated their principal place of business to the UK.

21 August 2018

Cracks deepen for Kenyan cement maker

Joint administrators have been appointed over African cement maker ARM Cement after Nigeria-headquartered UBA Bank led a charge of the company’s commercial lenders seeking to recover over Sh14.4 billion (US$140 million).

20 August 2018

Steinhoff adds Lehman administrator as €12bn class action looms

Struggling South African conglomerate Steinhoff has nominated former PwC partner Paul Copley to its supervisory board, a week after it emerged that a Johannesburg-based corporate boutique had launched a class action against the company and linked parties.

17 August 2018

English court approves insurer’s scheme meetings

A UK-South African financial services conglomerate’s plans to undo an “unwieldly” 2010 restructuring have won provisional approval from an English court, which has given it the go-ahead to convene a pair of shareholder scheme meetings under the Companies Act.

30 April 2018

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