Adler Faces Down Hedge Funds in Bid to Avert Collapse
A real estate showdown
Bare earth at the Adler Group SA Wilhelm retail and residential construction project in Berlin, Germany, on Tuesday, Nov. 2, 2021.
Photographer: Krisztian Bocsi/BloombergWelcome to The Brink, where Bloomberg’s reporters bring you all the latest on the world of distressed debt, bankruptcies and corporate blowups as well as the businesses that dodged collapse. I’m Lucca De Paoli, a reporter in London, where a court battle between German landlord Adler and some big-name hedge funds just started. We also have the latest on investor white lists, Vietnam's Novaland and the bankruptcy of a Covid testing company. Follow this link to subscribe. Send us feedback and tips at gdepaoli1@bloomberg.net or Tweet/DM to @ManySundays.
It was the poster child for the unstoppable rise of the German real estate market, fueled by cheap debt and confidence in ever-growing property prices. It’s now becoming a by-word for the sector’s problems, and there’s no end in sight.