Reported 5 months ago
German landlord Adler Group SA has reached an agreement with a majority of bondholders to restructure debt and inject liquidity into the company, marking its second debt overhaul in two years. The deal involves extending debt maturities, converting second-lien notes into new notes, receiving new money, and holding back proceeds from property sales. The agreement aims to address cash flow challenges faced by Adler, which struggled to raise funds through property sales. Bondholders will be treated equally in the deal, with voting securities offered, as Adler addresses its debt restructuring challenges.
Source: YAHOO