Steinhoff - comment

Creditors and the company have reached an agreement sooner than we had expected, but mostly because it amounts to very little. The Maturity Extension and Equity Reorganisation effectuate a previously contemplated redistribution of the SEAG creditors’ CPU rights among themselves - for the benefit of the A2s and offer shareholders a 20% participation in future equity behind the full balance of debt, which is to remain outstanding / PIKing for another three years. The docs are also to prepare a solvent liquidation in 2026 if no agreement is found otherwise. All other changes are minor.