Adler - comment

Adler bondholders voted overwhelmingly in favour of the company’s restructuring plan. The only bond not voting with sufficient majority was the 2029 issue, which saw 37.72% vote against it. Unless the Judge wishes to set precedent and take the UK plan scheme into a different direction, this plan should pass. Meanwhile the greatest danger to the restructuring emirates from a Frankfurt filing by one creditor that could yet result in the German courts wishing to set precedent in not accepting a UK ruling, which since Brexit is no longer automatic.