Reuters: Bankruptcy News: Praktiker bondholders unlikely to get any money back

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Praktiker bondholders unlikely to get any money back Oct 17th 2013, 09:48 Share this Email Print Reprints FRANKFURT | Thu Oct 17, 2013 5:48am EDT FRANKFURT Oct 17 (Reuters) - Holders of bonds issued by the insolvent German home improvement chain Praktiker, a household name in Europe's biggest economy, are unlikely to recoup any of their investment, a bondholder representative said on Thursday. Ingo Scholz, a lawyer who represents holders of a 250 million euro ($337 million) bond, said bondholders should not expect payment as the break-up of the business was likely to cover the costs of the insolvency proceedings but little else. Praktiker, whose blue-and-yellow-branded stores selling paints, tools and gardening products are a familiar sight in Germany's out-of-town shopping centres, declined to comment. The firm, which employed about 5,330 people, filed for insolvency in July after talks with creditors failed, and is in the process of being dismantled and sold off piecemeal. Creditors had hoped that a sale of Praktiker's upmarket brand Max Bahr could help them recover some of their losses, but those hopes died when Max Bahr also filed for insolvency. Max Bahr has attracted indicative offers, but sources close to the negotiations say the bidders are struggling with the demands of administrators, who hope to find a buyer this month to avoid having to dismantle that chain, too. ($1 = 0.7412 euros) (Reporting by Alexander Huebner; writing by Emma Thomasson; Editing by Kevin Liffey) Link this Share this Digg this Email Reprints

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