Steinhoff Shareholders Get Second Chance in Retailer’s Bid to Avoid Bankruptcy
- Shareholders voted against delisting, reorganization at AGM
- Rejection of earlier debt-relief plan started a court process
The headquarters of Steinhoff International Holdings NV in Stellenbosch, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Steinhoff International Holdings NV offered a fresh deal for shareholders to own 20% of the company after a backlash last month.
The latest plan has two notable differences to its initial debt-relief proposal. Creditors, who will own 80% of the company, will now receive contingent value rights instead of depositary receipts. Equity holders will have the same entitlements, which helps even out the risk.