Adler - comment

The 21% PIKs are placed and will go to pay down the convertible and the Schuldscheine. The new bond has only a 2025 maturity - in line with the next restructuring date. We lack the details but assume that the 1.5 Lien - apart from being very expensive - does not have a way to ensure its repayment at that date. 

Wolfgang FelixADLER