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DORDA represents creditors of Steinhoff

Friday, 20 July 2018

Since December 2017, DORDA's Restructuring and Finance Team has been advising the "Ad Hoc Committee of SEAG Lenders" of Steinhoff Europe AG on the out-of-court restructuring of its significant debt. In this regard a Lock-Up Agreement was concluded among the Steinhoff Group and a majority of the creditors of around EUR 9.6 bn, which took effect today.

The DORDA team acted as Austrian local counsel together with Latham & Watkins London LLP as international lead counsel and Resor N.V. as Dutch counsel.

The DORDA Team under the lead of Tibor Varga (Finance) and Felix Hörlsberger (Restructuring) consisted further of Magdalena Nitsche (Restructuring), Alexander Schopper (Corporate and Insolvency Law) and Christoph Hilkesberger (Finance).
Felix Hörlsberger is quoted: „Today is an important step in this out-of-court restructuring, even if the commercial agreement has still to be implemented in the upcoming month and years. We are very proud that many international funds have retained our services in this regard. “

Tibor Varga adds that "the dynamic of this restructuring was exceptional, as it was driven by the different creditor groups on different group levels of the Steinhoff Group as well as the international complexity of the current financing. Thereupon the Lock-Up Agreement is now the basis for the out-of-court restructuring, even if the Austrian public was focused on the relatively smaller kika/Leiner transaction."

The German/South African/Dutch Steinhoff Group is one of the biggest retailers in the world with more than 12.000 stores in more than 30 countries (including until recently kika/Leiner) and more than 130.000 employees; it is listed at the Johannesburg Stock Exchange and the stock exchange in Frankfurt.

Other involved counsel:

Steinhoff: Fellner Wratzfeld & Partner and Linklaters LLP als international lead counsel

Coordinating Committee of Banks: Binder Grösswang Rechtsanwälte GmbH and Allen & Overy LLP as international lead counsel

Convertible Bondholders: Eisenberger & Herzog Rechtsanwälte GmbH and Kirkland & Ellis LLP as international lead counsel


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