BMW 20:
The 20% cvr's were solely for the purpose of getting the WHOA plan approved in court. As you can read for yourself in the documents, the probability that it will EVER pay off anything is MINIMAL, actually ZERO. Steinhoff itself indicates that' it is not likely that the loans will be repaid in full'. The loans run at least until 2026 and can be renewed after that. So you have to wait till 2026 but maybe later. Since FULL DISCHARGE is a condition to get any value and in addition all assets must be sold, this is just WINDOW DRESSING from Steinhoff.
I assume the judge has seen through this quite well, but the globally interests are much higher, see my previous post. The Hedgefunds should not be allowed to fall down, because if they fall down, the big banks and insurers will also fall, and with that you get an implosion of the financial system.
But tell me honestly: What is the reason why to this date, 28 JUNE, the GIGA loan by Steinhoff has NOT been repaid? And, why should, or WOULD happen now with this NEW TopCo Holding? The more loans , the better.... And what company has ZERO loans? I don't know them. So the answer is: the CVR has 99% NO chance of getting value. But off course you can try it, I hope for you and others that I am wrong, but me, I do not want to work with this criminals anymore and have just put the very small money left form my investment in some other things which will make me more happy....
Good luck for you and it was a pleasure to speak with you and the others. Have a Break, have a KitKat! Stay tuned, Jaap Peer |