Final vote in Steinhoff's multibillion-rand settlement plan delayed

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Steinhoff's compensation vote has been delayed.
Steinhoff's compensation vote has been delayed.
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The final vote by claimants in the plan by retailer Steinhoff to pay out around R25 billion in compensation to settle a host of lawsuits in South Africa and Europe has been delayed.

The vote, by contractual creditors, was set to take place at 11:00 on Thursday. In a market update, Steinhoff said it had been delayed to a "later time to be communicated". No reasons were given. 

The furniture retailer first proposed a "global settlement" to litigants in July last year to preempt having to defend itself against each of the more than 100 suits it was facing - a process that could drag on for years and end up forcing it into liquidation.  

After months of haggling over the terms of the payout, voting started this week in dual processes taking place in the Netherlands and South Africa.  

Thursday's vote, which would have included Christo Wiese's Titan stable of companies, was the set to be the last vote in the settlement plan. Wiese had promised to vote in support of the plan earlier in the week. 


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