Adler Group Transfers Majority to Bondholders and Strengthens Equity

5/27/2024, 8:00 AM

Troubled real estate group ALDER Group plans majority transfer to bondholders – a rescue attempt for the company.

Eulerpool News May 27, 2024, 8:00 AM

The troubled real estate group Adler Group plans a comprehensive restructuring, in which the majority of the company is to be transferred to bond creditors. They will hold 75 percent of the total voting rights in the future, as the company announced late Friday evening. The remaining 25 percent of the voting rights would be represented by the currently outstanding common shares.

In exchange, the maturity of Adler's existing debts will be extended to December 2028, December 2029, and January 2030. In addition, the equity capital will be strengthened by approximately 2.3 billion euros through the conversion of a large portion of the existing so-called 2L bonds into subordinated perpetual bonds.

Additionally, Adler Receives Fresh Capital of 100 Million Euros. Furthermore, the Company is Enabled to Retain Disposal Proceeds of up to 250 Million Euros.

These measures are intended to secure the Adler Group's financial stability in the long term and strengthen the company's position in the real estate market.

The reaction of the investors was positive: The Adler stock jumped 57.76 percent to 0.2600 euros compared to the XETRA closing price on the Tradegate trading platform.

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