Dusseldorf The thriller about the Adler Group has reached its temporary high point. After three heated days of negotiations, the London High Court delivered its verdict shortly after Easter: the company can carry out its controversial restructuring plan.
The crisis in the German real estate group began in autumn 2021. At that time, allegations of fraud and manipulation by a short seller were made. Prosecutors investigated and the financial regulator found two gross accounting errors. As a result, the auditors gave up their mandate. To this day, the group has not found any new auditors, despite a desperate search. In addition, billions in debt weigh on Adler, which threatens the existence of the group.
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In November 2022, the Adler Group regained hope. She presented a restructuring plan and already celebrated this internally as a liberation. But a group of bondholders blocked the project until the end. Adler’s last hope was before a court in London. According to the company itself, the only alternative to the restructuring plan is bankruptcy.
In the third part of the podcast on the ailing real estate group, investigative reporters René Bender and Lars-Marten Nagel tell how the struggle for the existence of the company continued to escalate – up to the showdown in court.
Handelsblatt Crime appears every 14 days and can be heard wherever there are podcasts.
More: You can hear the previous episode of Handelsblatt Crime here.