Steinhoff Group’s €9 Billion Restructuring

Latham & Watkins and Allen & Overy advised the lead committee of creditors of Steinhoff Europe AG in the cross-border restructuring of the Steinhoff group. Gleiss Lutz and Niederer Kraft Frey have advised Steinhoff Europe AG.

Steinhoff group is a major South African retailer with operations in Europe, Africa, the United States, and Australia.

Latham advised on a variety of implementation mechanics, including an extensive lock-up agreement; two parallel and interdependent company voluntary arrangements (including an ultimately resolved challenge to one of the CVAS) and a UK scheme of arrangement with the benefit of US Chapter 15 recognition.

The cross-border Latham team was led from London by partner Simon Baskerville (Picture), Hamburg by partner Frank Grell and New York by partner Adam Goldberg, with London associate Ed Richardson and Hamburg associate Daniel Splittgerber.

The following Gleiss Lutz team worked for Steinhoff: Dr. Eva Reudelhuber (lead, partner), Dr. Kai Arne Birke (partner, both finance, Frankfurt), Dr. Matthias Tresselt (partner), Friedrich Schlott, Joachim Glöckler (all restructuring, Stuttgart), Dr. Stefan Mayer (partner), Dr. Ocka Stumm, Leonhard Kornwachs (all tax, Frankfurt), Dr. Martin Schockenhoff (partner), Dr. Stephanie Lumpp, Dr. Johannes Jakob Culmann (all corporate, Stuttgart), Dr. Doris-Maria Schuster (partner, labor/employment), Dr. Helge Kortz (partner), Alexander Gebhardt, Yana Koch, Anastasia Dressler, Benedikt Sütter (all finance, Frankfurt).

Allen & Overy Partner Earl Griffith led the team comprised of partners Andrew Trahair (now global head of Advanced Delivery) and Nick Lister, Nick Charlwood (senior associate), Philip Wells (associate) and Lara Panahy (associate). Lucid Agency Services Limited, who held multiple agent and security agent roles across the group’s European financings, were separately advised by an Allen & Overy team led by Randal Weeks (partner) and Jasmine Norris (associate). Tax advice was provided by Lydia Challen (partner).

Niederer Kraft Frey advised Steinhoff Europe AG (“SEAG”) and its subsidiaries as Swiss counsel in connection the corporate and financial restructuring with a team led by Till Spillmann (partner, Corporate/M&A, Finance) and comprised Markus Kronauer (partner, Tax), Andrea Giger and Adrian Koller (both senior associates, Corporate/M&A, Finance), Ivo von Büren (associate, Corporate/M&A, Finance) and Alexander Fisch (junior associate, Corporate/M&A, Finance)

Involved fees earner: Lydia Challen – Allen & Overy; Nick Charlwood – Allen & Overy; Earl Griffith – Allen & Overy; Nick Lister – Allen & Overy; Jasmine Norris – Allen & Overy; Lara Panahy – Allen & Overy; Andrew Trahair – Allen & Overy; Randal Weeks – Allen & Overy; Philip Wells – Allen & Overy; Kai Arne Birke – Gleiss Lutz; Johannes Culmann – Gleiss Lutz; Joachim Glöckler – Gleiss Lutz; Leonhard Kornwachs – Gleiss Lutz; Stephanie Lumpp – Gleiss Lutz; Stefan Mayer – Gleiss Lutz; Eva Reudelhuber – Gleiss Lutz; Friedrich Schlott – Gleiss Lutz; Martin Schockenhoff – Gleiss Lutz; Ocka Stumm – Gleiss Lutz; Matthias Tresselt – Gleiss Lutz; Simon Baskerville – Latham & Watkins; Adam Goldberg – Latham & Watkins; Frank Grell – Latham & Watkins; Ed Richardson – Latham & Watkins; Daniel Splittgerber – Latham & Watkins; Alexander Fisch – Niederer Kraft Frey Ltd; Andrea Giger – Niederer Kraft Frey Ltd; Adrian Koller – Niederer Kraft Frey Ltd; Markus Kronauer – Niederer Kraft Frey Ltd; Till Spillmann – Niederer Kraft Frey Ltd; Ivo von Büren – Niederer Kraft Frey Ltd;

Law Firms: Allen & Overy; Gleiss Lutz; Latham & Watkins; Niederer Kraft Frey Ltd;

Clients: Lucid Agency Services Limited; Steinhoff Europe AG; Steinhoff International Holdings – Creditors;