The Adler group owns and manages approximately 26,000 residential rental units throughout Germany and has a development pipeline of approximately 6,000 new flats in Germany’s top cities.
Our team worked closely with teams from Hengeler Mueller (Germany) and Milbank (UK) on the Adler restructuring, implemented through a restructuring plan under Part 26A of the UK Companies Act. The restructuring plan was sanctioned on 12 April 2023 by the English High Court and represented a significant development of case law for UK restructuring plans. The case dealt with a complex valuation challenge, the validity of an issuer substitution clause under bonds issued by Adler and issues of recognition and enforcement in Luxembourg and Germany.
Further matters handled in Luxembourg included:
- the establishment of the appropriate Luxembourg structures;
- the financing of approximately EUR 1 billion of new money to Adler Group by the new Luxembourg entity;
- the equity issuance by the listed Luxembourg company to the bondholders as part of the wider transaction;
- the issuance of listed senior secured notes by a newly set-up Luxembourg company; and
- the establishment of adequate security packages in Luxembourg and The Netherlands.
If you have any further questions, please do not hesitate to reach out to one of our team members.