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
The Germanwings plane crash has spurred European airlines to implement stringent cockpit rules widely followed in the U.S., after it emerged a lone co-pilot forced the plane into its fatal descent, reports said on Thursday. Video-game retailer GameStop Corp. said Thursday after the markets closed that its fourth quarter profit rose 11% from last year, as better cost control helped offset a 5.6% decrease in sales. However, the company's quarterly earnings per share, excluding item, came in below analysts' expectations as did its quarterly sales. The Villages, a serene retirement hometown in Florida has been designated as the fastest-growing metro in the U.S. for the second consecutive year, as per Census estimates released on Thursday.
comments powered by Disqus
Follow RTT