STEINHOFF International Holdings NV (SIHNV) together with its subsidiaries and the former South African holding company of the Steinhoff Group, Steinhoff International Holdings Proprietary (SIPHPL), said the application for the approval of its global settlement offer was heard by the Western Cape High Court yesterday.
At the close of the hearing, the court granted SIHPL’s request and granted an order approving and sanctioning the proposal.
Following receipt of the order, the settlement effective date was expected to occur on or about February 15, SIHNV said in an update yesterday.
Implementation of the global settlement requires numerous steps to be taken and payments to be made on and around the settlement effective date.
Formal withdrawal of litigation that had been settled, including the withdrawal of a liquidation application against SIHNV, will also occur immediately following the Settlement Effective Date.
edward.west@inl.co.za
BUSINESS REPORT ONLINE