Adler - comment

As discussed with some of you recently, Adler have been likely to try to monetise their holding of Brack as part of efforts to raise cash at ARE level so as to keep the longer-dated bondholders at that level reasonably happy. The intercompany loans into Brack should limit the dilution of proceeds to Adler. In return for Adler’s solvency, large opportunistic bondholders should be able to make this and future asset sales a string attractive left-pocket -> right-pocket transactions.