Reuters: Bankruptcy News: Germany's Praktiker files for insolvency

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Germany's Praktiker files for insolvency Jul 11th 2013, 11:37 FRANKFURT, July 11 | Thu Jul 11, 2013 7:37am EDT FRANKFURT, July 11 (Reuters) - Germany's Praktiker said its main home improvement store business in Germany has filed for insolvency on Thursday. The company said that the directors of the businesses that operate Praktiker and extra-BAU+HOBBY stores in Germany asked a Hamburg court to open insolvency proceedings on grounds of over-indebtedness. Neither its Max Bahr stores nor its international business are affected by the filings, it said. Praktiker said it aims for its business to be restructured as part of insolvency proceedings. (Reporting by Maria Sheahan; Editing by Marilyn Gerlach)

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