The Adler real estate group is going through a serious crisis. She is heavily in debt and is making little progress on numerous construction sites such as the Steglitzer Kreisel in Berlin.
(Photo: Nagel/Handelsblatt)
Dusseldorf The ailing real estate group Adler says it has received enough support to implement its rescue plan. The company announced on Friday morning that more than 60 percent of the bondholders had joined a corresponding agreement.
The threshold allows the company to change the bond conditions if necessary “in an alternative procedure”. At the beginning of December, Adler called for people to vote on the rescue plan. It stipulates that Adler’s bondholders will have to wait longer for their money, but will ultimately receive higher interest rates.
The deadlines for repaying the bonds should therefore be extended voluntarily and the contract terms adjusted. In addition, some creditors have agreed to provide fresh capital of up to EUR 938 million. The actual plan stipulates that Adler needs the approval of 75 percent of the bondholders.
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