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Hedge Fund Groups Pick Lawyers to Strategize on Adler’s Debt

May 23, 2022, 3:11 PM

Hedge funds are hiring law firms to come up with joint strategies to boost their returns from Adler Group SA’s distressed debt.

One group, including Farallon Capital Management and GLG Partners, hired law firm Kirkland & Ellis to draw up a common plan, according to people familiar with the matter. A separate US-based group are working with Germany’s DMR Legal, said the people, who asked not to be named as they aren’t authorized to talk about it.

The funds are pooling together and appointing advisers ahead of talks with the troubled German landlord’s management. Distressed debt investors have been ramping ...