Adler Says It Can Do Debt Deal Despite Investor Opposition
A billboard for the Adler Group SA Uberlin apartment construction site in Berlin.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Embattled real estate firm Adler Group SA said it got enough support to go ahead with a planned rescue deal even after a group of bondholders said they oppose it.
Adler said that more than 60% of its bondholders have now signed up to the deal according to a statement on Friday. That threshold allows it to use “an alternative implementation route” if the acceptance level of 75% for each of Adler’s outstanding bonds that’s needed for the preferred route can’t be reached, the company said in the statement.