Adler - comment

Today is the deadline to sign up to the fresh money. Meanwhile the hold-out group in the 29s is signalling a holding of well over 30%, which requires the X-holder group’s attention. We think the best way forward would be to find a solution that could still be delivered under German bond law, but would require re-cutting some of the gains the current proposal bestows onto the 24s, but we’ll have to wait for the solution.