Adler’s €6 Billion Debt Deal Scrutinized by UK Appeals Court (1)

Adler Group SA’s €6 billion ($6.4 billion) debt restructuring faced fresh legal scrutiny in a London court as some creditors appealed the deal that saved the embattled German real estate firm from slipping into insolvency.

The plan, approved by a judge, was discriminatory according to dissenting creditors with debt maturing later that include DWS Group and Strategic Value Partners.

“Our notes are at greatly material risk of not being paid,” Tom Smith, a lawyer for the bondholders, said at the Court of Appeal on Monday.

Bondholders stuck with debt maturing in 2029 appealed an April ruling that ...