White & Case LLP has advised ADLER Real Estate Aktiengesellschaft on the restructuring of bonds with an aggregate principal amount of €2 billion.
The restructuring consisted of two components: a consensus solicitation with respect to two bonds governed by New York law and bondholder meetings (votes without meeting) under the German Bond Act with respect to three bonds governed by German law.
The respective terms and conditions were amended in such a way that the takeover by ADO Properties S.A. does not trigger a change of control.
The White & Case team in Frankfurt was led by partner Karsten Wöckener and associate Peter Becker, and included partners Gernot Wagner and Rebecca Emory and associate Daniel Sander.
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