- Charles Barker Corporate
- Tel. +49 (0) 69 / 794 090 – 24
Website of the joint representative of the bondholders of Praktiker AG
Update as of 16.10.2013
By letter dated 2 October 2013 the insolvency administrator over the assets of Praktiker AG has notified the insolvency court of the insufficiency of the assets. This means that the costs of the insolvency proceedings are covered but the insolvency estate is insufficient to settle other mature obligations incumbent on the estate.
Therefore, according to current estimates, a quota payment to the bondholders cannot be expected. Against this background the common representative has temporarily ceased its activities.
Once available, further information will be provided on this website.
Update as of 04.09.2013
After Praktiker AG, of which the Praktiker bondholders (WKN: A1H3JZ) are a creditors , has filed for insolvency on July 12, 2013, the entities that form the Praktiker subsidiary Max Bahr also filed for insolvency on July 26, 2013. This means that Max Bahr will not remain as an asset for the benefit of the bondholders. Also, with the opening of insolvency proceedings over the assets of Max Bahr, the intended plan of some bondholders to keep the company running by swapping the bonds into equity and supplying fresh capital cannot be realized any more.
For the bondholders, it should be noted that the European entities, among them Greece and Poland, are not assets of Praktiker AG, but of a subsidiary holding company which is also insolvent. As a consequence, the European entities are also not available as assets to the creditors of Praktiker AG.
Only in the case that the sale of
- the operating companies of Praktiker,
- the Max Bahr companies as well as
- the European entities
by the respective insolvency administrators does achieve a return that exceeds the debt of the respective companies, there will be value from these companies for Praktiker AG and its creditors. The currently ongoing sales process led by the insolvency administrators has to show whether this can be achieved.
However, Praktiker AG still has some real estate of the European entities available as assets. The value of this real estate is currently assessed by insolvency administrator Udo Gröner. For the bondholders, it should be noted that other than these, there are no further material assets in Praktiker AG that could contribute to the insolvency quota.
The sales process is planned to be concluded by the end of September 2013. Once available, further information will be provided on this website.
Update as of 17.07.2013
Praktiker AG, of which the Praktiker bondholders (WKN: A1H3JZ) are a creditor, has filed for insolvency at the district court of Saarbrucken, Germany, on July 12, 2013. The district court of Saarbrucken appointed lawyer Udo Gröner of the law firm Heimes & Müller as preliminary insolvency administrator of Praktiker AG.
As representative of the largest creditor group within the creditors of Praktiker AG, the joint representative of the bondholders is part of the board of creditors and will work to safeguard the interests of the bondholders in the insolvency. It will be of particular importance to the bondholders that Max Bahr (as part of the Praktiker group) remains as an asset to the bondholders.
Once available, further information will be provided on this website. Bondholders are kindly asked to register via the contact form on this website.
Update as of 16.04.2013
Letter to bondholders from Dr. Ingo Scholz
At the Praktiker AG bondholder meeting held on January 9, 2013, in Saarbrücken, Germany, lawyer Dr. Ingo Scholz was appointed as Joint Representative of the Praktiker bondholders (WKN: A1H3JZ). Dr. Scholz will contact the company in the short term. Bondholders will be regularly informed through this website.
Dear Sir or Madam:
On 27 July 2012, a group of bondholders including Alandsbanken Asset Management asked Praktiker AG to convene a bondholder voting in order to appoint a common representative for the Praktiker bond (WKN: A1H3JZ). The initiators including Alandsbanken Asset Management proposed to install me, Dr. Ingo Scholz, partner at the law firm Ashurst LLP in Frankfurt am Main, as common representative.
The organization of the bondholders takes place against the background of continued financial underperformance at Praktiker for eight consecutive quarters. The common representative is meant to improve the exchange of information between Praktiker and its bondholders during the ongoing restructuring and to safeguard their interests in case of potential additional funding requirements.
If I am appointed as your common representative, I will contribute the experience that I gained as common representative of the bondholders from successfully completed mandates, e.g. Arcandor and Deutsche Nickel, as well as from many years as partner at the law firm Ashurst, to safeguard your interests.
The second bondholder meeting on 9 January 2013 will take place through physical meeting in Saarbrücken. Voting takes place through simple majority. Consequently, your vote is crucial for the appointment of a common representative who safeguards your interests during the ongoing restructuring.
If you cannot personally attend the meeting on 9 January 2013 in Saarbrücken, you may be represented by a proxy. You will find a sample form for such a proxy and for further required proofs for your eligibility to vote as well as explanations with regard to that under the item eligibility on this website.
Thank you very much in advance for your trust.
Lawyer Dr. Ingo Scholz
Ashurst LLP – Frankfurt