Adler Wins €6 Billion Debt Revamp Despite Opposition
- Judge approves restructuring, buying company time for sales
- Bondholders ask for permission to appeal the London decision
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Adler Group SA won approval to restructure €6 billion euros ($6.6 billion) of debts by a London judge, despite opposition from some of its creditors including DWS Group and Strategic Value Partners.
The verdict allows Adler to extend maturities of bonds due next year, borrow around €900 million and temporarily suspend interest payments. The only alternative was a default on debt later this month that would lead to an insolvency filing, Adler’s lawyers had said during a hearing earlier this month.