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
Electric car maker Tesla's Chief Elon Musk confirmed that there will be no discount on new cars. Through several tweets and an email addressing its employees, Musk said, "It is absolutely vital that we adhere to the no negotiation and no discount policy that has been true since we first started taking orders 10 years ago." Shares of National Beverage Corp. fell about 15 percent on Wednesday after short selling firm Glaucus Research Group has said it is shorting the soft-drink maker and accused the company of manipulating earnings. In a research report, Glaucus alleged that National Beverage achieved its "remarkable history of financial performance in part by manipulating earnings." Canadian pipeline operator Enbridge Inc. said it has agreed to sell its liquids pipeline assets in the South Prairie Region, including the Saskatchewan pipeline system, to privately-held midstream company Tundra Energy Marketing Ltd. for C$1.075 billion in cash.
comments powered by Disqus
Follow RTT