Adler - coment

It’s a big day for Adler who have to get it right in today’s sanction hearing at the high court. We see Adler’s chances (within the high court) hinging mostly on the philosophical question of whether or not the outcome of a plan should mimic the status quo (upholding of maturity cascade) or the alternative case (everyone pari passu / common maturity for all bonds). We think the high court will see the filing favourably. Instead, we think the biggest challenge might come from Frankfurt, where the legal community could feel that Adler’s jurisdiction shopping goes too far.