Together with Akin Gump LLP, Gleiss Lutz has been advising an ad hoc group of note holders (“AHG") of Adler Group S.A., a listed real estate company incorporated under the laws of Luxembourg. In aggregate, they hold more than 34 per cent of the 2.250% senior notes issued by Adler Group S.A. and due in 2029, whose total value is EUR 800 million.
On 25 November 2022, the Adler Group announced that it had concluded a lock-up agreement with a group of its creditors, who will provide new capital if certain requirements are met. The announcement contains a summary of the proposed transaction, whose provisions include amendments to the terms and conditions of the notes due in 2029.
The AHG views the Adler Group's proposal as inequitable, and its members have entered into a binding agreement to vote against it. This makes it impossible for Adler to implement the proposal.
The following Gleiss Lutz team is advising the Ad Hoc Group of note holders: Dr. Christian Halàsz (lead, partner, Finance/Restructuring, Frankfurt/London), Dr. Kai Arne Birke (partner, Finance, Frankfurt) and Friedrich Schlott (Restructuring, Stuttgart).
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