Adler - Valuation, Recap Scenario and Investment Considerations

Ahead of the second restructuring, we have tollowed our positioning mail last week with a significant update to our investment memo and analysis. While recovery value is one thing, it matters how much of it investors get to claim for which piece and fresh cash contribution. We have therefore overlayed our waterfall with a recap table and have reasoned through the game theory between the main negotiators. We are glad to find that the analysis confirms our thesis from last week.