DURBAN – Steinhoff International share price gained more than 3 percent on the JSE after the High Court of Justice in England and Wales issued an order sanctioning the Sushi Scheme on Monday.
This after the retailer announced on October 25, in relation to the Mattress Firm Filing, that the High Court of Justice in England and Wales granted Stripes US Holding Incorporated or Sushi, a direct subsidiary of Steinhoff Europe, permission to convene a scheme meeting for the creditors affected by the English scheme.
Sushi currently has a revolving credit facility (RCF) under which it owes certain lenders $200 million (R2.88 billion). Pursuant to the Sushi Scheme, it is intended that the Sushi RCF Lenders will exchange their rights under the Sushi RCF for substantially similar rights under a new RCF.
Steinhoff shares closed 3.05 percent higher at R1.69 on the JSE on Tuesday after the update.