BlackRock, Pimco, Sculptor Are the Funds Backing Adler’s Debt Deal
- Schroders, Silver Point, Taconic will also lend to landlord
- 75% of holders of each bond must support deal to be valid
Blackrock headquarters in New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
BlackRock Inc., Pacific Investment Management Co. and Sculptor Capital Management Inc. are throwing their weight behind Adler Group SA as the company seeks to buy time and shake off the impact of fraud allegations.
The three firms, together with Schroders Plc, Silver Point Capital and Taconic Capital Advisors, are backstopping a €937.5 million ($981.5 million) secured loan that, if approved, would repay the next bond maturities, according to people familiar with the matter, who asked not to be named because they aren’t authorized to talk about it. The funds also agreed to postpone a deadline for audited accounts to the end of next year.