maurice73 schreef op 2 februari 2021 15:09:
www.debtwire.com/login?onSuccess=http...COURT: Steinhoff scheme sanction hearing wrapped up, judgment reserved
27 January 2021 | 23:20 CET
A two-day hearing over the sanction of a scheme of arrangement proposed by Steinhoff International Holdings N.V. (SIHNV) was wrapped in the High Court this evening (27 January). The suspense over the fate of the South Africa-based retailer’s application will nevertheless persist as Mr Justice Adam Johnson did not immediately announce his decision.
The judge indicated that the waiting time will not be long, however.
“I reserve judgment, but I will do my best to turn it around quickly. I am aware of the urgency,” Adam Johnson QC said.
If implemented, the scheme will pave the way for the conclusion of various ongoing court proceedings between the group and its stakeholders across the globe.
While an overwhelming majority of the retailer’s scheme creditors have voted in favour of the plan, entities affiliated with Centerbridge are opposing it.
Two of those entities, CCP Credit Master Lux S.a r.l. (CCP) and CSCP III Master Lux S.a r.l. (CSCP), were the only scheme creditors who cast a negative vote in the creditor meeting held on 15 December 2020.
The most vigorous challenge is, however, raised by another Centerbridge affiliate, Conservatorium Holdings LLC, which is not a scheme creditor per se. Conservatorium has already initiated a rival restructuring application in the Netherlands under the country’s new restructuring regime which entered into force only a few weeks ago (also known as the “Dutch Scheme”, or abbreviated as the WHOA). In the context of the WHOA procedure, Conservatorium has sought to appoint a restructuring expert to review and promote an alternative plan to the Steinhoff Group Settlement.
Today, SIHNV’s barrister Adam Al-Attar took most of the morning session to finish the submissions he had started yesterday.
It was then the turn of Tom Smith QC, who represented Conservatorium, to lay out his clients’ case.
Al-Attar was assisted by Ryan Perkins. The barristers are instructed by Linklaters.
Smith QC was assisted by Henry Phillips. They are instructed by Quinn Emanuel solicitors.