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Steinhoff has received the support of the final claimant class to vote in its plan to pay out around R25 billion in compensation to settle the mass of lawsuits it is facing from the plunge in its share price.
On Friday, contractual claimants in the South African leg of the proceedings voted to support or reject the plan. In a market update, Steinhoff said it obtained "overwhelming[ly] sufficient support".
This means that the retailer has received requisite majorities among all classes of claimants voting in parallel processes taking place in the Netherlands and South Africa.
These votes will now have to be sanctioned by the relevant courts.
A Dutch court will on Thursday next week consider voting that took place in Amsterdam. Steinhoff said it would apply to the Western Cape High Court for an order approving and sanctioning the proposal.
Liquidation bid
In a court action distinct from the voting that ended on Friday, the retailer is facing a liquidation bid in the Western Cape High Court which could upend its settlement proposal.
Lawyers for Steinhoff have argued that a provisional winding up order, if granted by the court, would in effect be "irreversible" and lead to the collapse of the company.
Steinhoff has appealed to the court to halt the proceedings in order for it first to exhaust an appeal process before the case is heard. A ruling has not yet been made to determine whether the winding up case will continue next week.
