Adler surges as it reaches agreement with bondholders group

Adler SA

28/11/2022 08:16

** Shares in Adler Group  ADJ.DE  surge 57% as the
crisis-stricken German real estate group said it was granted
more time and money from its most important creditors
    ** The company said it reached an agreement to adjust the
senior unsecured bonds issued by Adler 
    ** Adler said a group of bondholders including BlackRock
 BLK.N  and Pimco are willing to extend the bonds due in 2024 by
a year, in exchange for an interest rate hike, and defer
interest until maturity
    ** Adler has been embroiled in an accounting investigation
following allegations made against it last year by short seller
Fraser Perring's Viceroy Research
    ** Stock is down 74% YTD
 (Reporting by Bartosz Dabrowski in Gdansk)
 ((bartosz.dabrowski@thomsonreuters.com; +48 58 7696560;))