DGAP-News: Praktiker bondholders request the appointment of a common representative
(firmenpresse) - DGAP-News: Charles Barker Corporate Communications GmbH / Key word(s):
Bond/Restructure of Company
Praktiker bondholders request the appointment of a common
representative
19.09.2012 / 14:41
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Frankfurt am Main, September 19, 2012 - A group of bondholders including
Alandsbanken Asset Management has initiated a bondholder voting to be held
between 24 and 27 September 2012. The purpose of the voting is to appoint a
common representative for the bondholders. The common representative will
improve the information exchange between Praktiker and its bondholders.
The right to appoint a common representative is vested in the German
Debenture Act (Schuldverschreibungsgesetz). The common representative
solely represents the interests of the bondholders. He is entitled to
receive extensive information from the company. He remains, also after his
appointment, under instruction from bondholders.
The organization of bondholders takes place against the background of
continued weak financial performance of Praktiker and continuing
uncertainty regarding its financing. The company is unprofitable for six
quarters in a row. During this period, cash decreased from 342 million
euros to 48 million euros at the end of June 2012. In order to raise
necessary new financing, Praktiker offers its most valuable asset Max Bahr
as security to potential financing partners.
Pontus Soramäki from Alandsbanken Asset Management explains: 'The
discussions about different financing packages for Praktiker take place
without the involvement of the bondholders. The pledge of Max Bahr to a new
financing provider would substantially impair the value of the bond. As
Praktiker's largest creditor group, bondholders should have a place at the
negotiating table. The appointment of a common representative will achieve
this.'
The group of bondholders proposes to install Dr. Ingo Scholz as common
representative. Dr. Scholz is partner at the law firm Ashurst. He is
specialized in corporate finance and debt restructuring. In the past he
acted as common representative for bondholders e.g. in Arcandor and
Deutsche Nickel.
The first vote between 24 and 27 September 2012 requires a quorum of 50%
out of the aggregate nominal value. If this quorum is not reached in the
first vote, a second voting will be held. The second voting requires no
quorum to appoint a common representative.
The Praktiker bond has a nominal value of 250 million euros (WKN: A1H3JZ).
Alandsbanken Asset Management has been one of its largest investors since
issuance of the bond in 2011.
Further information is available on the Praktiker website:
http://www.praktiker.com/pb/site/praktiker_com/node/340180/Len/index.html
Media contact:
Charles Barker Corporate Communications GmbH
Tobias Eberle / Thilo Neupert
Telephone: +49 69 794090-0; Mobile: +49 173 5204436
Email: tobias.eberle(at)charlesbarker.de; thilo.neupert(at)charlesbarker.de
End of Corporate News
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185696 19.09.2012
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Datum: 19.09.2012 - 14:41 Uhr
Sprache: Deutsch
News-ID 184933
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