Terms of LUA have become effective

STEINHOFF International announced that the terms of a lock-up agreement (LUA) with respect to the implementation of the potential restructuring of the financial indebtedness of its property portfolio Hemisphere International Holdings has become effective. Under the LUA entered with Hemisphere, Steinhoff was seeking a three-year extension to payments due to lenders and bondholders. The group also announced that 100 percent in value of the third-party creditors under Hemisphere’s €750 million (R12.52 billion) revolving credit facility had entered into the Hemisphere LUA. Steinhoff and the Hemisphere lenders continue with discussions on implementation of Hemisphere’s restructuring, seeking to execute the material documents required to implement the restructuring by August 24. The group’s former chief financial officer, Ben la Grange, could be legally ordered to appear before a parliamentary committee.