on ADO Properties S.A. (isin : LU1250154413)
Adler Group Secures Binding Agreement for Comprehensive Recapitalisation
Adler Group S.A. has announced a binding agreement to recapitalise the company, extending debt maturities and converting a significant portion of its notes into equity-like instruments. This deal provides Adler with the liquidity and stability needed to avoid asset sales at undervalued prices.
The agreement involves the conversion of most of Adler’s 2L Senior Secured Notes into Perpetual Notes, boosting equity by approximately €2.3 billion. Additionally, up to €350 million in new financing will be made available. Bondholders will hold 75% of voting rights, with existing shareholders retaining dividend rights.
The deal must be approved at an extraordinary General Meeting. Success of the transaction is anticipated by end of September 2024.
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