There is no progress on the Adler Group’s construction sites, such as in the Glasmacherviertel. The debt restructuring should be completed by April.
(Photo: Verfürden/Handelsblatt)
Dusseldorf, Frankfurt, Berlin The dispute over the debt restructuring of the real estate group Adler Group continues to escalate. A group of bondholders has commissioned an expert opinion to refute statements made by the group at the High Court in London. At the end of February, Adler lawyers threatened bankruptcy and emergency sales – and in turn referred to an analysis by the Boston Consulting Group (BCG) on the condition of the group.
BCG advisors concluded that in the event of bankruptcy, Adler could repay a maximum of 57 percent of its debt, possibly less. The group has borrowed more than six billion euros, most of it through unsecured bonds.
According to the Adler lawyers, the creditors have “a very good reason to avoid the consequences of a value-destroying insolvency and to agree to the plan”.
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