Bondholders deal setback to Adler Group's restructuring efforts

Adler SA

20/12/2022 14:59

BERLIN, Dec 20 (Reuters) - German real estate investor
Adler Group  ADJ.DE  on Tuesday said it did not reach
bondholders' minimum approval needed to change the terms of some
bonds, resulting in a major setback for its restructuring plans.
    The group said last month it was in advanced negotiations
with its bondholders about changes to the terms and conditions
and about the provision of secured debt financing for the group
and that it had reached agreement with a group representing 45%
of its bond creditors.
    The changed terms were thought to secure Adler's financing
at least until mid-2025. However, the company did not meet the
necessary 75% approval threshold.     
   "In light of our ongoing intensive and constructive talks
with the bondholders, we are highly confident that an
alternative implementation route will enable us to implement the
agreed deal in due course," said Chief Executive Thierry
Beaudemoulin in a statement. 
 (Reporting by Kirsti Knolle, editing by Rachel More)
 ((kirsti.knolle@thomsonreuters.com;  +49 30 220133561;))