Steinhoff - Updates and Tekkie Town
All,
We will be posting an updated model later today, including several updates and improvements to the entity priority waterfall and additional information.
In the scheme of things the news surrounding Tekkie Town are concerning, but probably not material. That a creditor would strike out and oppose a settlement of this magnitude is only to be expected.
Affiliates of Tekkie Town (Pty) Ltd, holding a E166m contractual claim against the NV, are bombarding the proposed Grand Settlement by filing a petition for the provisional liquidation of SIHNV in the Western Cape Division of the High Court of South Africa. The grand settlement foresees a recovery of E6m, E3m in cash and E3m in Pepkor share value.
SIHNV, a Dutch company, has applied for a Dutch Suspension of Payments procedure in The Netherlands. The Amsterdam District Court has approved the application and appointed administrators Verhoeven and Zijderveld. SIHNV’s legal defence will initially be on the grounds of Jurisdiction. More remains to be seen.
Happy to discuss.
Wolfgang
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E: wfelix@sarria.co.uk
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