http://globalinsolvency.com/headlines/praktiker-investors-agree-on-rescue-plan
Praktiker, Investors Agree On Rescue Plan
5.7.12
Praktiker AG, the struggling German DIY chain, and its major investors struck a compromise late on Wednesday in a last-ditch attempt to stave off bankruptcy, Reuters reported. Fund manager Isabella de Krassny, whose backers held a majority at Praktiker’s annual shareholders’ meeting on Wednesday, said she was now backing management’s restructuring plan after insisting earlier for approval of her own plan. In return, Praktiker bowed to shareholders’ demands to replace two supervisory board members with candidates backed by de Krassny.