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Praktiker Supervisory Board Approves Financing Plan

5/13/2012 11:44 PM ET

Germany-based home improvement retailer Praktiker Bau Und Heimwerkermaerkte Holding AG (PKKRF.PK)announced that its supervisory board has approved a financing concept for implementation of the restructuring program. An investor is offering a senior loan of 85 million euro to the company.

Under the new plan, it will convert a greater number of Praktiker stores to Max Bahr outlets. The financing concept involves fundamental changes of the restructuring program initiated in November 2011 and contains a considerable reduction of the overall financing volume, the company stated.

With the approval of this financing concept, the restructuring mission of Management Board members Thomas Fox and Josef Schultheis are leaving the company immediately, but will remain available as advisors.The long-time board member Kay Hafner has been appointed chairman, the company added.

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by RTT Staff Writer

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