LUXEMBOURG (dpa-AFX) - The ailing real estate group Adler Group wants to hand over the majority of the company to bondholders. These are to hold 75 percent of the total voting rights in future, the company announced late on Friday evening. All currently outstanding ordinary shares would represent the remaining 25 percent once the underlying transaction has been completed.

In return, the maturity of Adler's existing debt is to be extended to December 2028, December 2029 and January 2030. According to the information provided, equity will also be strengthened by around EUR 2.3 billion by converting a large part of the existing so-called 2L bonds into subordinated perpetual bonds. Adler will also receive fresh money in the amount of 100 million euros. In addition, sale proceeds of up to 250 million euros can be retained.

Investors were enthusiastic. In an initial reaction, Adler shares jumped by more than half compared to the Xetra close on the Tradegate trading platform./he/la