Adler starts restructuring with an uncertain outcome

Dusseldorf, Berlin The Adler Group’s push to restructure its billions in debt in Great Britain turns into a nail-biter. Adler is dependent on the support of third parties, as several people familiar with the plan confirmed to the Handelsblatt. For the success of the project, internally dubbed “Project Steel”, the cooperation of banks, judges and creditors is absolutely necessary. The desired liberation is associated with many imponderables.

After a vote of creditors in Germany failed due to a minority in December, Adler now wants to push his plan through with the help of the High Court in London. Last week, the ailing real estate group informed about the start of the process. Holders of unsecured bonds with a volume of EUR 3.2 billion received a corresponding “Practice Statement Letter”.