UK court overturns approval of German property group Adler's restructuring plan

Adler SA

23/01/2024 10:06

LONDON, Jan 23 (Reuters) - Adler Group SA's  ADJ.DE 
restructuring plan to prevent the embattled German property
firm's collapse should not have been approved by a London court,
the Court of Appeal ruled on Tuesday.
    The plan – designed to help service external debts of
approximately 6 billion euros ($6.5 billion) – was approved last
year despite opposition from some bondholders.
    But the Court of Appeal overturned that decision, allowing
an appeal by a group of creditors.

($1 = 0.9187 euros)

 (Reporting by Sam Tobin; Editing by Sachin Ravikumar)
 ((Sam.Tobin@thomsonreuters.com;))