A group of Adler Group creditors has hired US investment bank Houlihan Lockey to help with a possible restructuring. Troubled real estate group threatened to suffocate liquidity next year.
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According to the insider, the group of creditors includes Allianz Fund affiliate Pimco as well as CQS, Farallon Capital Partners and King Street Capital. The €700 million Adler bond will mature by the end of 2023.
There is growing concern among Adler’s creditors that the company may have trouble paying its debts. The company’s shares and bonds have fallen since short seller Fraser Bering said in a report in October that the company was a “hotbed of fraud”.
While investigations into the matter are still underway, Adler is trying to sell the assets to raise capital and pay off debt. At the beginning of the month, a deal amounting to about 765 million euros fell: LEG Immobilien withdrew from the plan to acquire Adler’s remaining stake in Brack Capital Properties.
Houlihan Lokey will join the Pimco team at the law firm Hengler Muller. Another group, which includes bondholders from the Adler Real Estate subsidiary, has hired the law firm Kirkland & Ellis to present their ideas for reorganization. She is afraid that important assets and cash will be taken from her. (kilobytes)
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