Dusseldorf In the fight for its future, the Adler Group has achieved an important success: the London High Court has given the go-ahead for the controversial restructuring plan of the badly hit property group. “I will issue an order approving the plan,” Judge Tom Leech said in delivering his verdict Wednesday morning.
Adler is now allowed to take on almost one billion euros in new debt and will be given more freedom to repay bonds totaling 3.2 billion euros that will become due in the coming years. In return, creditors receive higher interest rates. The group currently rents out 26,000 apartments in Germany, and its debts amount to more than six billion euros.
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