Adler’s Restructuring Plan Fails to Get Bondholder Approval (2)

The holders of Adler Group SA’s longest dated bonds failed to back the company’s debt restructuring proposals, a blow to its attempt to avoid a fire sale of its assets.

The embattled landlord secured the requisite 75% threshold required for all of its bonds except the holders of its 2029 notes, according to a statement Tuesday. The plan would have given the company two years to dispose of properties and pay down debt.

“In light of our ongoing intensive and constructive talks with the bondholders, we are highly confident that an alternative implementation route will enable us to implement ...