The head of the board of directors of the badly hit real estate group has only been in office since February 2022 and has been in permanent crisis mode ever since.
(Photo: imago/Rainer Unkel)
Dusseldorf, Berlin The badly hit real estate group Adler agreed on a restructuring concept with its creditors on Friday. This was reported by the company listed in the SDax on Friday evening. According to this, the repayment periods for bonds worth billions are to be extended. Selected creditors have also agreed to provide 940 million euros in fresh capital. The period for the search for an auditor is also to be extended.
The head of the board of directors, Stefan Kirsten, presented these key points in a telephone conference that was hastily scheduled for the evening. “We were able to avert a situation that threatened the Adler Group’s existence,” said Kirsten. He is very relieved. “The Adler group got caught in a perfect storm, but we made it.”
In view of the negative developments on the capital and real estate markets and the partly self-inflicted crisis of confidence, the result of the negotiations was not an easy undertaking, said Kirsten. In addition, it will be very expensive for Adler. He did not give exact numbers or details.
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