Adler: balance sheet equity eroded but not overindebted

Adler SA

21/04/2023 09:40

MUNICH, April 21 (Reuters) - Adler Group  ADJ.DE  said
on Friday that it was not overindebted despite current
calculations showing a balance sheet equity of minus 300 million
euros ($328.77 million) as of the end of 2022.
    The real estate company said that it came to that figure
while preparing its standalone annual financial statements
according with Luxembourg balance sheet regulations. Its
unaudited financial figures are to be published as planned on
Tuesday.
    Taking into account hidden reserves, the net asset value is
"clearly positive", said the highly indebted company, which is
currently struggling with its creditors for a restructuring. 
    A London court approved its restructuring plan this month.
($1 = 0.9125 euros)

 (Reporting by Alexander Huebner
Writing by Miranda Murray
Editing by Rachel More)
 ((mailto:alexander.huebner@thomsonreuters.com; +49 89
2421-8040; www.reuters.com;))