Praktiker AG: Application made to open insolvency proceedings in relation to Praktiker and extra BAU+HOBBY stores 
Praktiker AG  / Key word(s): Insolvency

11.07.2013 13:27

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)

Insolvency

  - Application made to open insolvency proceedings in relation to
    Praktiker and extra BAU+HOBBY stores

  - Max Bahr stores not affected by application

  - Target to set up restructuring plan

Praktiker AG
Am Tannenwald 2
66459 Kirkel
ISIN: DE000A0F6MD5
WKN: A0F6MD

Hamburg, 11 July 2013: The directors of the operating entities within the
Praktiker Group, which operate the Praktiker and extra-BAU+HOBBY stores in
Germany, have informed the Management Board of Praktiker AG that they have
today made an application to the Hamburg Local Court (Amtsgericht) for
insolvency proceedings to be opened on grounds of overindebtedness. It was
stated that the continuation forecasts of these operating entities and the
supply of goods to stores could no longer be ensured.

Prior to that, the Management Board of Praktiker AG had denied the positive
continuation forecasts of the company, after negotiations on further,
initially promising restructuring finance had been unsuccessful and prior
to that, the intended sale of the participation in the Luxembourg-based
subsidiary Bâtiself S.A. could not be completed due to the lack of board
approvals on the buyer's side.

Neither the Max Bahr stores, of which there are currently 132, nor the
international business of the Praktiker Group are affected by the
applications. Max Bahr business operations will be maintained as usual. The
stores of Praktiker's sales lines and those of extra-BAU+HOBBY are to be
continued without restriction as part of the provisional insolvency
proceedings.

The application of the insolvency proceedings has been undertaken with the
target to set up a restructuring plan.

The following Hamburg-based entities within the Group have made an
application to have insolvency proceedings opened: Baumarkt Praktiker
Deutschland GmbH, Baumarkt Praktiker DIY GmbH, Baumarkt Praktiker GmbH,
Baumarkt Praktiker Online GmbH, Baumarkt Max Bahr Praktiker Einkaufs GmbH,
Baumarkt Praktiker Warenhandelsgesellschaft mbH, Baumarkt Praktiker Vierte
GmbH, Baumarkt Praktiker Services GmbH, Hamburg.

The application for Praktiker AG will be filed shortly. 

11.07.2013 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:       investorrelations@praktiker.de
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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