logo
Share SHARE
FONT-SIZE Plus   Neg

Praktiker Supervisory Board Approves Financing Plan

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alaska Air Group Inc., which completed its $2.6 billion acquisition of Virgin America last year, said that the combined company will adopt Alaska Air's name and logo. The Virgin America name will be retired, "likely sometime in 2019," the airline added. Apple Inc. has agreed to acquire Workflow, an iOS app for automating tasks, as well as its development team for an undisclosed sum. Workflow is a personal automation tool that enables the user to drag and drop combination of actions to create workflows for the iPhone, iPad and Apple Watch. After long negotiations to win over one of the largest and fastest growing smart phone markets, Apple has decided to assemble its 4-inch screen iPhone SE in India.
comments powered by Disqus
Follow RTT