Victor Khosla and his investment firm Strategic Value Partners are the main contenders of the real estate group Adler in its restructuring plans.
(Photo: Bloomberg)
Dusseldorf, Frankfurt When London’s High Court decides on the future of the heavily indebted Adler Group next Monday, it has a lot to do with Victor Khosla. The founder of the financial investor Strategic Value Partners (SVP), who has been in the business of struggling companies for more than 30 years, is currently probably the most important opponent of the real estate group in its restructuring plans.
Khosla and SVP hold part of the Adler bonds. The Americans joined forces with three other investors and held creditor votes in December blocked a restructuring plan submitted by Adler.
Because the group around SVP let the votes in Germany fail, Adler is now looking for a way out in London. In Britain, a court can force minorities to bow to a majority vote. Adler therefore founded a British subsidiary and appointed it as the main debtor of the bonds.
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