Adler - comment

Rumours are emerging that Adler are commencing discussions with a selection of bondholders to enter into new commitments - presumably on some form of super sr. basis or via a new vehicle and certainly with a view to addressing impending outflows at Consus and ARE. This would suggest that the IDW S6 restructuring opinion is in its final stages, as it would have to set the back-drop for negotiations. Rumours are surfacing exactly two weeks ahead of maturity of our Consus position and perhaps we’d prefer to be hearing nothing at all right now. But in the scheme of things, we struggle to see how Consus could represent the hurdle such discussions would stumble over at this time.