Praktiker says Max Bahr units to file for insolvency
FRANKFURT, July 25
FRANKFURT, July 25 (Reuters) - German home improvement retailer Praktiker said on Thursday insolvency proceedings would be filed for its Max Bahr units in Germany after a trade credit insurer stopped providing insurance coverage to suppliers.
A company statement said the application would be made "shortly" with a court in Hamburg on grounds of over-indebtedness and lack of liquidity.
It said the Praktiker group's international operations remain unaffected by the insolvency proceedings. (Reporting by Marilyn Gerlach; editing by Patrick Graham)