Connect with us

News

Steinhoff International Holdings N.V. : Issue of proposals in connection with company voluntary arrangements for SEAG and SFHG prior to creditors’ meetings scheduled for 14 December 2018

gbafNews28

Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group“).

The Company refers to its announcements of 19 November 2018 (the “19 November Announcements“) in respect of the issue of a company voluntary arrangement in relation to Steinhoff Europe AG (“SEAG“) (the “SEAG CVA Proposal“) and a consent solicitation process by the Company in respect of convertible bonds issued by Steinhoff Finance Holding GmbH (“SFHG“), (the “Consent Solicitations“).

Further to the 19 November Announcements, the Company is pleased to provide an update on the restructuring of the Group’s financial indebtedness and, in particular, to provide an update on the issue of the SEAG CVA Proposal and announce the issue of the SFHG CVA Proposal (following the withdrawal of the Consent Solicitations as detailed below).

These processes relate to the restructuring of debt at SEAG and SFHG and are not expected to have any impact on any of the Group’s operating businesses, their landlords or trade creditors.

Withdrawal of Consent Solicitations in favour of a company voluntary arrangement of SFHG

The Company has terminated the Consent Solicitations and withdrawn the extraordinary resolutions in respect of the three series of outstanding SFHG issued convertible bonds due 2021, 2022 and 2023 (the “Convertible Bonds“), as it has determined that the restructuring of the Convertible Bonds will be more effectively achieved by way of a company voluntary arrangement of SFHG under Part 1 of the Insolvency Act 1986 (the “SFHG CVA Proposal“).

The SFHG CVA Proposal has been made to Alan Bloom, Alan Hudson and Simon Edel of Ernst & Young, who have consented to act as nominees for both the SFHG CVA Proposal and the SEAG CVA Proposal (the “Nominees“).

Issue of the SEAG CVA Proposal and the SFHG CVA Proposal

The Company understands that the Nominees have reviewed and considered the SEAG CVA Proposal and SFHG CVA Proposal (together the “Proposals“) and today issued a report to the High Court of England and Wales in respect of each of the Proposals.

The Nominees’ reports having been filed at the High Court, today the SEAG CVA Proposal is being published to all creditors of SEAG and the SFHG CVA Proposal is being published to all creditors of SFHG. Creditors of SEAG and SFHG will now have a period of time to review and consider the SEAG CVA Proposal and the SFHG CVA Proposal respectively, before voting at the creditors’ meetings to be held on 14 December 2018.

A requirement in respect of each of the SEAG CVA Proposal and SFHG CVA Proposal is that completion of both company voluntary arrangements will be inter-conditional with each other.

Key aspects of the SEAG CVA Proposal:

The SEAG CVA Proposal includes the following key aspects:

– the corporate holding structure of SEAG will be restructured with the incorporation of new Luxembourg, Jersey and UK incorporated companies as direct and indirect holding companies and subsidiaries of SEAG;

– at closing, there will be a hive-down of almost all of the assets and liabilities from SEAG to certain of these newly incorporated Jersey and UK companies;

– SEAG’s existing financial indebtedness will be restructured by way of a new term loan facility to be issued by a newly incorporated Luxembourg company which shall sit as an indirect subsidiary of SEAG (the “New SEAG Luxco Debt“). The New SEAG Luxco Debt shall accrue PIK interest which shall capitalize on a semi-annual basis and the facility shall mature on 31 December 2021;

– SEAG’s existing financial creditors will be able to participate in the New SEAG Luxco Debt, such participations to have the benefit of a security package to be granted by the new SEAG corporate group;

– to the extent that SEAG’s existing financial creditors currently benefit from a guarantee from the Company in respect of their holding of existing SEAG debt, such financial creditors will also receive the benefit of a new deferred contingent payment instrument to be provided by the Company in respect of the New SEAG Luxco Debt; and

– to facilitate completion of the financial restructuring, an interim moratorium will, subject to approval by SEAG’s creditors of the SEAG CVA Proposal, come into force from the date of such approval and will have the effect that SEAG’s creditors will be prohibited from taking certain enforcement action against SEAG from such date until the implementation of the financial restructuring or the termination of the CVA.

Further information is contained in the SEAG CVA Proposal which includes an anticipated timetable and instructions for SEAG creditors on the actions which they will need to take. The SEAG CVA proposal, together with certain supporting documentation, can be downloaded free of charge at www.lucid-is.com/steinhoff.

Key aspects of the SFHG CVA Proposal

The SFHG CVA Proposal includes the following key aspects:

– the restructuring of the Convertible Bonds as indebtedness in the form of guaranteed secured loans to mature on 31 December 2021 and which shall accrue PIK interest which shall capitalize on a semi-annual basis. It is proposed that the loans so extended by holders of the Convertible Bonds due 2021 and 2022 would be restructured into a single loan facility and that the loans so extended by the holders of the Convertible Bonds due 2023 would be restructured into a separate loan facility, each with a new Luxembourg incorporated entity as the borrower. The 2021/2022 and the 2023 loan facilities will rank pari passu at borrower level;

– these loan facilities will benefit from either a guarantee or deferred contingent payment instruments from, in the case of the 2021/2022 loan facility, the Company and Steinhoff International Holdings Pty Ltd and in the case of the 2023 loan facility, the Company, reflecting the guarantor structure in relation to each existing series of Convertible Bonds;

– the new restructured indebtedness will take the form of private loan facilities and the convertible feature of the existing Convertible Bonds will be removed; and

– to facilitate completion of the financial restructuring, an interim moratorium will, subject to approval of SFHG’s creditors of the SFHG CVA Proposal, come into force from the date of such approval and will have the effect that SFHG’s creditors will be prohibited from taking certain enforcement action against SFHG or the Company from such date until the implementation of the financial restructuring or the termination of the SFHG CVA Proposal.

Further information is contained in the SFHG CVA Proposal which includes an anticipated timetable and instructions for SFHG creditors on the actions which they will need to take. The SFHG CVA proposal, together with certain supporting documentation, can be downloaded free of charge at www.lucid-is.com/steinhoff.

Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group.

Stellenbosch, 30 November 2018

Language:   English
Company: Steinhoff International Holdings N.V.

Herengracht 466

1017 CA Amsterdam
Netherlands
Phone: +27218080700
Fax: +27218080800
E-mail:

[email protected]

Internet:

www.steinhoffinternational.com

ISIN: NL0011375019
WKN: A14XB9
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

Steinhoff International Holdings N.V.
Tyrrel Murray
Tel:
+27218080770
[email protected]

News

ALL – Accor Live Limitless has five priceless “second-hand” football jerseys to win, worn yesterday by Paris Saint-Germain players in their European match

gbafNews28

#TheSecondHandNewJersey

PARIS, Oct. 30, 2020 /PRNewswire/ — Which fan hasn’t dreamed of wearing his/her favourite football player’s actual personal jersey? Thanks to ALL – Accor Live Limitless, official principal partner and jersey sponsor of the Paris Saint-Germain, this dream can come true. To give Paris Saint-Germain supporters all over the world a priceless experience, ALL – Accor Live Limitless, the new daily lifestyle companion of the Accor Group, has five jerseys from Paris Saint-Germain players up for grabs. They are the brand new third kit shirts for the 2020-21 season, worn* for the first time yesterday at their European match in Istanbul. These second-hand jerseys are unique and will be available to win on the famous second-hand fashion platform Vestiaire Collective here.

To view the Multimedia News Release, please click: https://www.multivu.com/players/uk/8805451-five-second-hand-paris-saint-germain-football-shirts-to-win/.

From today and until midnight on Monday 2nd November (French time), Paris Saint-Germain supporters can try and win the club’s 2020-21 third kit shirt, worn and signed by Neymar Jr, K.Mbappé, A. Di Maria, Marquinhos and P. Kimpembé. To have a chance, they must register on the Vestiaire Collective website and add their choice of shirt to their "wish list". This competition is international and accessible to all PSG fans around the world. It is available in 5 languages from the dedicated website page. Everyone has a chance to win!

The five winners will be picked at random on 3rd November and will be given their second-hand shirt in one of the Accor Group hotels around the world, where they will be invited to enjoy an unforgettable experience.

This activation reflects the shared ambition of Paris Saint-Germain and ALL – Accor Live Limitless to bring unique experiences to fans, reflecting a new vision of hospitality that goes beyond accommodation.

#TheSecondHandNewJersey
@all @psg

– *All the shirts worn and offered during this contest will be washed at 60°C before being given to the winners at least one week after the match, to avoid any risk associated with Covid-19.

Free competition, no purchase required. Terms and conditions available here.

More info on ALL – Accor Live Limitless and Vestiaire Collective : click here

Photo – https://mma.prnasia.com/media2/1322481/all_football_jersey.jpg?p=medium600
Logo – https://mma.prnasia.com/media2/1322480/ALL_Accor_Live_Limitless_Logo.jpg?p=medium600

ALL - Accor Live Limitless, official principal partner of Paris Saint-Germain, offers five extraordinary second-hand Paris Saint-Germain jerseys.
ALL – Accor Live Limitless, official principal partner of Paris Saint-Germain, offers five extraordinary second-hand Paris Saint-Germain jerseys.

 

 

Contact:
Agence Olivia Payerne | AOP pour Accor: [email protected]

Continue Reading

News

Newly Released Recordings Pull Back the Curtain on the Canadian Company Behind Pebble Mine

gbafNews28

The Environmental Investigation Agency (EIA) today released two tapes that feature Canadian mining baron, Ron Thiessen, discussing his political strategy for securing a federal permit for the controversial Pebble Mine project in southwest Alaska. The recordings underscore both Thiessens importance as a driving force behind the Pebble project and the financial windfall that he anticipates Pebble to deliver to his companies located in British Columbia, including an estimated $1.5 billion subsidy from Alaskans.

Last month the CEO of Pebble Limited Partnership, Tom Collier, resigned after EIAs release of the initial installment of the Pebble Tapes in which he and Thiessen discussed with EIA investigators their plans to build an enormous 180-year mine at the headwaters of Bristol Bay, Alaska. Yet, Thiessen remains at the helm of the Canadian company that is 100 percent owner of “ and the principal advocate for “ the Pebble project.

Tom Colliers resignation from Pebble Limited Partnership was a necessary step in the right direction for Bristol Bay, but the real ˜man behind the curtain, the person calling the shots for this project, is and always has been, Ron Thiessen. The longer the Pebble Project remains a possibility, the more Ron Thiessen stands to profit, said Danielle Grabiel, EIAs Wildlife Team Lead and Counsel.

Ron Thiessen is the CEO of Northern Dynasty Minerals (NDM), the publicly-traded company that owns the mining claim at the Pebble site. Ron Thiessen is also the CEO of Hunter Dickinson International, a private Canadian company.

Thiessen explained the relationship between these two companies in an email to EIA investigators posing as potential investors: Northern Dynasty Minerals is part of a group of Companies founded, managed and operated to a point by a private company; Hunter Dickinson Inc. HDI and NDM share an address and phone number. He also told investigators that HDI has just six shareholders including Thiessen.

According to the services agreement between the companies, HDI provides technical, geological, corporate communications, administrative and management services to NDM. This puts into perspective several statements made by Thiessen in the newly released Pebble Tapes where he appears to brag about how much money was spent on the permitting process and how much of the projects expected capital costs will be funded not by the company but by Alaskans themselves:

We spent over $150 million preparing for permitting in environmental baseline studies. And other scientific studies. And then the permitting process itself we spent $100 million on. I would say that we probably spent more than three times as much as the average¦, he said in the tapes.

If the mine is permitted Thiessen says in the tapes that he expects that Alaskan taxpayers will foot about one quarter of the bill for capital expenditures. The total CapEx on this in round numbers is going to be about 5.5 billion. We believe the State of Alaska and other entities in Alaska will fund most of the infrastructure for about 1.5, Thiessen explained in the recordings.

Thiessen also laid out his plans to claim a massive windfall from U.S. taxpayers if the federal permit is denied. In that event, he expects hundreds of billions of dollars for Pebble based on a claim that a permit denial would amount to an unconstitutional taking pursuant to the Fifth Amendment. He told EIA investigators, If its determined to be a taking by the courts, we expect compensation¦the cost to the U.S. Federal Treasury will be $700-800 billion at least.

In the newly released tapes, from his office in Vancouver, Thiessen also discusses U.S. politics, as they pertain to the Pebble Mine, stating: And the Governor of the State of Alaska is very much onside with resource development, Pebble in particular.

Earlier this month, Governor Dunleavy defended his pro-Pebble position in a letter to Alaskan legislators leaning on national security and a lack of national mineral production. Thiessen, reading from a similar playbook, also made mineral self-sufficiency arguments in a lengthy article in a mining industry newsletter after release of the initial Pebble Tapes.

Ron Thiessen, a Canadian, is touting national security and mineral self-sufficiency in the U.S. as important reasons to permit Pebble, but he had no problem talking for hours with our investigators, who he has since admitted he believed to be foreign investors, about a mine that would be built to supply ore to Asia. In my opinion, that is the definition of duplicity, said Grabiel.

Thiessen also told EIA investigators that his company has, quite a few contacts into the [Senator Lisa] Murkowski [(R-Alaska)] operation and quite a few contacts into the [Senator Dan] Sullivan [(R-Alaska)] operation. He assured investors that both Senators had published a statement that turned out to be quite in error and now theyd rather not have to admit error. Better that theyre just quiet, and were ok with that.

But both Senators Murkowski and Sullivan have now strongly denounced the project after the release of the initial tapes. On the topic of the American election season “ referred to by Thiessen as the silly season “ he stated to EIA investigators, its the kind of season, once its over, everybody forgets what everybody promised to do. You arent held to your promises.

We think its important for the people of Bristol Bay and the State of Alaska to know that Ron Thiessen is driving the Pebble Project. Ron spoke unreservedly with our investigators for over four hours and on more than one occasion. He knows Alaska politics inside and out. His fingers seem to be in the same pots that Tom Colliers were, said Grabiel. It seems to me that Collier was a puppet and Thiessen is the puppeteer.

Grabiel also confirmed that Thiessen arranged all of the calls and correspondence between EIA investigators and the company; and he participated in and led every conversation.

Technical Notes:

The newly released tapes were recorded by EIA investigators who spoke with Collier and Thiessen as potential investors in the Pebble Mine project via multiple video calls in August and September 2020. Those conversations were recorded in accordance with all applicable laws.

Where the investigators voices can be heard, they have been re-recorded verbatim by an actor.

Lindsay Moran, EIA-US Head of Communications, [email protected]

Continue Reading

News

The Pfister Hotel, Saint Kate – The Arts Hotel, Grand Geneva Resort & Spa, and The Garland Named Top Hotels and Resorts by Condé Nast Traveler’s annual Readers’ Choice Awards

gbafNews28

Marcus Hotels & Resorts, a nationally recognized hotel owner and management company and division of The Marcus Corporation (NYSE: MCS), today announced that four of its owned and/or managed properties were again recognized as top hotels in Cond Nast Travelers annual Readers Choice Awards.

The Pfister Hotel, located in Milwaukee, was recognized as the #8 Top Hotel in the Midwest by Cond Nast Traveler readers. More than 125 years old, the iconic hotel is known for its gracious service, timeless elegance, and the finest in exceptional hospitality. As Milwaukees distinguished luxury hotel, The Pfister has created many exceptional programs, including an internationally recognized Artist-in-Residence program now in its 12th year, Pfister Narrator program that chronicles the daily life and spirit of the hotel, and its cherished Afternoon Tea, featuring its very own Tea Butler. The Pfister is also home to the largest Victorian art collection of any hotel in the world. This is the fourth consecutive year the property has been named a Top Hotel in the Midwest by Cond Nast Traveler readers.

Saint Kate “ The Arts Hotel, located in Milwaukee, and reopening on November 5, 2020, was recognized as the #6 Top Hotel in the Midwest by Cond Nast Traveler readers. Just over one year old, Saint Kate “ The Arts Hotel opened its doors in 2019 to wide acclaim. Shortly after opening, Saint Kate was named Top 10 Best New Hotel by USA Today. Saint Kate celebrates all forms of expression and the entire creative process. Guests will find four gallery spaces filled with contemporary art and an 80-seat black box theatre with regularly programmed events. Food and beverage are a feature with two bars including Giggly, Milwaukees only Champagne Bar, and three restaurants featuring The Dark Room, an intimate indulgence not to be missed. Each carefully crafted guestroom features the work of multiple artist collaborators from Milwaukee. Alternatively, guests may select a Canvas Room as a fully immersive art experience where a percentage of each nights charge for the room is donated to support art organizations throughout the city. Marcus Hotels & Resorts created Saint Kate “ The Arts Hotel for travelers looking for an experience to remember.

Grand Geneva Resort & Spa, located in Lake Geneva, Wis., was recognized as the #20 Top Resorts in the Midwest and West by readers and the only Wisconsin resort to make the list. This all-seasons premier resort is situated on 1,300 acres in the beautiful woodlands of Lake Geneva. The resort features a variety of lodging options for a unique getaway, including 355 gorgeous guestrooms and 29 luxury villas offering spacious living areas, full kitchens, and furnished outdoor seating areas. This award-winning Midwest resort is known for its two championship golf courses in the summer and Mountain Top downhill ski hill in the winter, as well as its full-service WELL Spa & Salon and an array of fine dining options. This is the fourth consecutive year the property has been named a Top Resort in the Midwest by Cond Nast Traveler readers.

The Garland, located in North Hollywood, Calif., was recognized by readers as the #14 Top Hotel in Los Angeles. Built in 1970 by Hollywood actress Beverly Garland and her husband, real estate developer Fillmore Crank, this sophisticated boutique hotel allows guests to relax and unwind in a secluded urban paradise that is only minutes from the excitement and thrills of LA. Managed by Marcus Hotels & Resorts and now owned by the second generation of the Crank family and under the direction of the youngest son, James Crank, the glamorous hotel was recently reimagined and renovated with fashionable dcor, a stylish restaurant showcasing the diversity of LAs food scene and newly manicured outdoor spaces on seven tree-shaded acres. This is the sixth consecutive year the re-positioned hotel has been named a Top Hotel in LA by Cond Nast Traveler readers since its rebirth in 2015.

The Cond Nast Traveler Readers Choice Awards are the longest-running and most prestigious recognition of excellence in the travel industry and are commonly known as the best of the best of travel.

The 2020 Readers Choice Awards are published on Cond Nast Travelers website at www.cntraveler.com/rca and celebrated in the November issue of the publication.

For more information on the latest news and updates from Marcus Hotels & Resorts, please visit http://media.marcushotels.com.

About Marcus Hotels & Resorts

Marcus Hotels & Resorts owns and/or manages 18 hotels, resorts, and other properties in the U.S. The companys distinctive portfolio includes city-center meeting hotels, upscale resorts, historic properties, and premium branded and independent first-class hotels. Marcus Hotels & Resorts is an approved operator for all major lodging brands. A leader in the hospitality industry since 1962, Marcus Hotels & Resorts creates asset value for hotel owners through its expertise in management, development, and product repositioning. This includes hotel food and beverage concepts developed by its Marcus Restaurant Group, featuring premier brands such as Mason Street Grill, ChopHouse, Miller Time Pub & Grill, and SafeHouse Restaurants. For more information, please visit: http://media.marcushotels.com and follow the company on Instagram, Facebook, and Twitter (@MarcusHotels).

About The Marcus Corporation

Headquartered in Milwaukee, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. In addition to its lodging division, its theatre division, Marcus Theatres, is the fourth largest theatre circuit in the U.S. and currently owns or operates 1,110 screens at 91 locations in 17 states under the Marcus Theatres, Movie Tavern by Marcus and BistroPlex brands. For more information, please visit the companys website at www.marcuscorp.com.

Matt Peschke

[email protected]

(917) 587-0012

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
gbafNews28 gbafNews28
News1 hour ago

ALL – Accor Live Limitless has five priceless “second-hand” football jerseys to win, worn yesterday by Paris Saint-Germain players in their European match

#TheSecondHandNewJersey PARIS, Oct. 30, 2020 /PRNewswire/ — Which fan hasn’t dreamed of wearing his/her favourite football player’s actual personal jersey?...

gbafNews28 gbafNews28
News1 hour ago

The Pfister Hotel, Saint Kate – The Arts Hotel, Grand Geneva Resort & Spa, and The Garland Named Top Hotels and Resorts by Condé Nast Traveler’s annual Readers’ Choice Awards

Marcus Hotels & Resorts, a nationally recognized hotel owner and management company and division of The Marcus Corporation (NYSE: MCS),...

gbafNews28 gbafNews28
News1 hour ago

Newly Released Recordings Pull Back the Curtain on the Canadian Company Behind Pebble Mine

The Environmental Investigation Agency (EIA) today released two tapes that feature Canadian mining baron, Ron Thiessen, discussing his political strategy...

gbafNews28 gbafNews28
News1 hour ago

FOX News Channel’s Bret Baier and Martha MacCallum to Co-Anchor Marathon “FOX News Democracy 2020” Coverage on Election Day

FOX News Channel (FNC) will provide extensive special live coverage surrounding Election Day 2020 beginning Saturday, October 31st through Wednesday,...

gbafNews28 gbafNews28
News1 hour ago

Otter.ai Launches Live Video Captioning for Zoom Users to Boost Remote Working

Otter.ai announced today the launch of live video captioning for conference calls and webinars. The introduction of this new feature...

gbafNews28 gbafNews28
News1 hour ago

Shareholder Alert: Robbins LLP Announces that Wrap Technologies, Inc. (WRTC) is Being Sued for Misleading Shareholders

Shareholder rights law firm Robbins LLP announces that a purchaser of Wrap Technologies, Inc. (NASDAQ: WRTC) has filed a class...

gbafNews28 gbafNews28
News1 hour ago

Quanterix Corporation to Release Third Quarter 2020 Financial Results on November 5, 2020

Quanterix Corporation (NASDAQ: QTRX), a company digitizing biomarker analysis to advance the science of precision health, today announced that it...

gbafNews28 gbafNews28
News2 hours ago

AM Best Affirms Credit Ratings of Alleghany Corporation, Transatlantic Reinsurance Company and Members of RSUI Group and CapSpecialty Insurance Group

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR)...

gbafNews28 gbafNews28
News2 hours ago

The American Association of Bank Directors welcomes Treliant LLC as a Sponsor and Supporter of AABD’s Bank General Counsel Committee

The American Association of Bank Directors (AABD) today announced that Treliant LLC (Treliant) has become a sponsor. “Bank General Counsel...

gbafNews28 gbafNews28
News2 hours ago

American Express CFO to Participate in Bank of America Securities Future of Financials Virtual Conference

American Express (NYSE: AXP) Chief Financial Officer Jeffrey C. Campbell will participate in the Bank of America Securities Future of...