Bondholders Approve Adler Group's Comprehensive Recapitalisation

Bondholders of Adler Group S.A. have approved the company's comprehensive recapitalisation plan. This approval follows a binding agreement with a steering committee of bondholders announced on 24 May 2024. Over 90% of bondholders voted in favor of amending the terms of senior secured notes issued by AGPS BondCo PLC, a subsidiary of Adler Group S.A. The required 75% approval was significantly surpassed.

The recapitalisation involves converting certain existing notes into subordinated perpetual notes classified as equity, strengthening Adler Group’s book equity by approximately €2.3 billion. Existing debt maturities are expected to extend to 2028, 2029, and 2030. Adler Group will also gain up to €100 million in additional liquidity and the ability to retain €250 million in disposal proceeds.

The company intends to implement the proposed amendments swiftly and will inform bondholders once conditions are fulfilled. Adler Group has also decided to delay the English restructuring plan proceedings launched on 5 June 2024, pending implementation of the recapitalisation.