The creditors of South Africa’s Steinhoff International approved the retailer’s debt restructuring plan, it said on Monday, paving the way for it to approach a Dutch court to give the scheme the go-ahead. Steinhoff shares on the Frankfurt Stock Exchange jumped almost 5% in early trade and almost 8% higher on the Johannesburg bourse on the news.
“As a next step, Steinhoff will consider if it intends to request the Court to confirm the WHOA Restructuring Plan,” it said in a statement, adding it will publish a voting report on Wednesday to be submitted to the court for approval. All of its three class of creditors – conditional payment undertaking , secured and unsecured – voted in favour of the restructuring plan which will see the parent company delisted and a new unlisted holding structure created after court approval, it said.
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