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Adler Bondholders Escalate Fight After Internal Cash Transfer

  • Some creditors say recent deal could complicate repayment
  • Chairman Kirsten has signaled the company could be wound up
The Adler Group SA Uberlin luxury apartment construction site in Berlin, Germany in November 2021.
The Adler Group SA Uberlin luxury apartment construction site in Berlin, Germany in November 2021.Photographer: Krisztian Bocsi/Bloomberg

A group of Adler Group SA bondholders escalated a fight with the embattled landlord, urging management of a subsidiary to quit after a recent property deal that the investors say could make it harder for them to get their money back.

The creditors, which include hedge funds such as GLG Partners that hold bonds issued by Adler Real Estate, wrote in a letter to the unit’s management they’re concerned the transaction wasn’t done “at arms length.”