Steinhoff International Holdings NV said Dec. 14 that the company voluntary arrangements it proposed for its Steinhoff Europe AG and Steinhoff Finance Holding GmbH units have been approved by the creditors and their respective members.

The South African retail group said approximately 94% of creditors voted in favor of Steinhoff Europe's company voluntary arrangements, or CVA, while about 99% approved Steinhoff Finance's CVA.

The company said a number of procedures still have to be taken before both CVAs take effect and the company's debt restructuring is implemented. Alan Bloom, Alan Hudson and Simon Edel of Ernst & Young have agreed to act as nominees for both CVAs.

"The agreements reached today with creditors of the group's key finance companies are key to bringing in a new period of financial stability for the group and enabling management to focus on maximizing the potential of the group's various businesses," Commercial Director and CEO Designate Louis du Preez said in a statement.