About-turn at Praktiker

The executive board of Praktiker AG decided on 30 August to terminate its exclusivity arrangement with Anchorage Capital Europe LLP (Anchorage) and enter into negotiations with Semper Constantia Privatbank AG (Semper Constantia) on a new financing offer put forward by the latter on the previous day. In its credit negotiations, Anchorage had raised additional demands, which could not be fully satisfied despite concessions by the parties involved, according to Praktiker. Initial discussions have already been held with Semper Constantia regarding the financing offer and the probability of its realisation. In an ad-hoc disclosure, Praktiker says that these discussions were positive, giving rise to the expectation that an agreement on the Super Senior Facility can be concluded soon and also on better terms. A further substantial step has thus been taken towards realising the restructuring concept passed by the executive board and the supervisory board.