10.07.2013
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DGAP-Adhoc: Praktiker AG: Management Board of Praktiker AG denies positive continuation forecast for Praktiker AG and certain entities within the Group
Praktiker AG / Key word(s): Insolvency
10.07.2013 21:19
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Publication of ad-hoc announcement pursuant to Section 15 WpHG (German
Securities Trading Act)
Continuation forecast
- Management Board of Praktiker AG denies positive continuation forecast
for Praktiker AG and certain entities within the Group
- Negotiations on further restructuring finance unsuccessful
Praktiker AG
Am Tannenwald 2
66459 Kirkel
ISIN: DE000A0F6MD5
WKN: A0F6MD
Hamburg, 10 July 2013: The Management Board of Praktiker AG has denied the
positive continuation forecast for Praktiker AG and certain entities within
the Group. Along with overindebtedness, as a ground for insolvency, there
is also a lack of liquidity.
The negotiations on the further, initially promising restructuring finance
failed on the evening of 10 July 2013 because certain creditor groups did
not provide approval for such financing. This alternative financing
solution had become necessary after the sale of the participation in the
Luxembourg-based subsidiary Bâtiself S.A. could not be completed shortly
beforehand due to missing board approvals on the buyer's side, which meant
that the expected proceeds from the sale could not be realised. These
proceeds had been firmly included in the financing concept from 2012.
The Management Board will carry out a review in relation to the Group in
order to determine the entities in relation to whom insolvency petitions
will have to be filed and will then publish the results of this review as
soon as possible.
10.07.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Praktiker AG
Am Tannenwald 2
66459 Kirkel
Germany
Phone: +49 (0) 40 6000 11 3700
Fax: +49 (40) 600011-6126
E-mail: [email protected]
Internet: www.praktiker.com
ISIN: DE000A0F6MD5
WKN: A0F6MD
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
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