Hemisphere International Properties B. V. (Hemisphere) and its direct and indirect subsidiaries (together the Hemisphere Group) is the European real estate arm of Steinhoff International Holdings N. V. (Steinhoff), the global household goods and general merchandise retailer with approximately 40 retail brands in over 30 countries.

In December 2017, Steinhoff announced that PwC had been appointed to investigate certain accounting irregularities. In January 2018, Steinhoff confirmed that it has implementing a stabilisation plan to address the uncertainty resulting from the December 2017 announcement and was, an1ongst other things, looking to put in place a deleveraging plan in order to address its financial indebtedness. This plan included addressing Hemisphere's RBF which has due to mature in August 2018.

THM was engaged by Hemisphere in May 2018 to provide independence and leadership to the Board of Hemisphere. THM together with Hemisphere's directors and management team, assisted in stabilising the Hemisphere Group and negotiating with its stakeholders to refinance the RBF with the objective of providing the Company with a stable platform to maximise value for its stakeholders.

Anthony Place was appointed Chief Restructuring Officer and Chairman of the Hemisphere Board and Anthony and Andrea Trozzi took Board appointments across the Hemisphere Group in a number of jurisdictions in Europe and Asia. THM worked closely alongside the existing management team and Andersch AG (an affiliate of THM), to understand the business, implement best practice corporate governance processes, establish stakeholder reporting and develop a plan to support refinancing discussions with stakeholders.

On 5 September 2018 Hemisphere successfully concluded the refinancing of the RBF into a new, three year facility with "pay if you can" interest which provides Hemisphere with the stability and operational flexibility it needs to implement the controlled disposal of its property portfolio in order to maximise value for its stakeholders. The refinancing was implemented on a fully consensual basis with 100% consent of the RBF lenders and the Hemisphere stakeholders.

This project has demonstrated THM's ability to take directorships and bring independence, stability and robust governance to a Board at a very difficult and critical time. With our significant property experience and Value Delivery capabilities, we look forward to maximising returns for Hemisphere Group stakeholders going forward.
Anthony Place, THM Partner and Chairman of the Hemisphere Board

THM has also supported Hemisphere in completing a number of real estate disposals, the largest of which was the sale of the properties leased to Kika / Leiner, which completed on 15 October 2018 for an enterprise value of €490m. THM will continue to support the Hemisphere Group in the managed disposal of the remaining property portfolio.

Anthony and Andrea were supported by Simon Greenaway and Tom Miller. The team has worked closely with Andersch AG, Clifford Chance LLP, legal Advisers to Hemisphere, Milbank, Tweed, Hadley & McCloy LLP, legal Advisers to the RBF lenders, and Evercore, financial Advisers to the RBF lenders.