At the beginning of the year, the real estate company’s shares were traded at a price of eleven euros.
(Photo: IMAGO/Bihlmayerfotografie)
Luxembourg The agreement with the bondholders on the planned debt deal is driving the shares of the Luxembourg real estate company Adler. The shares jumped in Monday trading by up to 64 percent to up to 2.92 euros. At midday, the share is still 54 percent higher on the Xetra trading platform.
Nevertheless, the shares of the ailing group are still far from the prices of eleven euros that were traded at the beginning of the year. Adler has been struggling to survive since short seller Viceroy Research made serious allegations in a scathing report last year.
Based on the agreement with 45 percent of its bondholders, Adler will receive a secured loan of up to EUR 937.5 million to repay the next maturing bonds, the group announced on Friday evening. According to the announcement, the loan will bear interest at 12.5 percent and the creditors will have an option for a shareholding of up to 25 percent.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue