Adler - comment

There was an odd request to the Derivatives C'ittee earlier this week about whether ARE’s “sex change” from AG to GmbH constituted that it’s now a different person. If that were so, then a lot of Intrum delinquents would have an easy way out. We didn’t understand it, but to avoid any confusion the C’tee considered if therefore the CDS would reference any successor entity. The answer is of course that the entity remains the same and that all references to AG should be interpreted as being to GmbH. Storm in a teacup.