30 March 2021

On 15 February 2021, Steinhoff's Dutch listed top holding was granted a suspension of payments. The court appointed Frédéric Verhoeven and Christiaan Zijderveld as the administrators of the top holding of the South African furniture department store and they will steer the company through the suspension of payments process. Since late 2017, the South African group has been gripped by a large accounting scandal.

On 15 February 2021, the Dutch court granted Steinhoff International Holdings N.V. a suspension of payments. The furniture department store has been involved in countless restructurings and disputes in recent years, after an accounting scandal came to light in late 2017. The company is seeking to reach an arrangement with its creditors with the suspension of payments. This may avoid a bankruptcy and Steinhoff can largely leave past events behind.

During the suspension of payments, Frédéric and Christiaan will see to it that the interests of the top holding's creditors will remain safeguarded. Steinhoff's board has worked hard on preparing this suspension of payments and the corresponding arrangement and it is doing everything possible to make this suspension of payments successful.

This is not the first international job for Frédéric Verhoeven or Christiaan Zijderveld. Almost ten years ago - after three years of negotiations - Frédéric reached an arrangement in the bankruptcy of Lehman Brothers Treasury Co B.V., a Dutch subsidiary of the American holding. Through this arrangement, payment of more than USD 12.5 billion has since been made to thousands of different creditors. Christiaan has recently assisted in the international restructuring of Agrokor d.d., the largest restructuring in Eastern Europe. Agrokor contributes 15% to Croatia's GNP. The companies belonging to the Agrokor group were assigned to a Dutch holding structure through an arrangement in Croatia.