The distressed-debt market is watching PANDION with growing unease as the Cologne-based property developer’s restructuring effort fragments into a patchwork of parallel court proceedings. Eleven project companies — spanning Stuttgart, Cologne, Berlin and the Siebengebirge region — filed for insolvency last Thursday, pulling individual development vehicles into the process alongside the parent group that sought protection barely three weeks earlier.
The filings mark a decisive shift in the character of PANDION’s crisis. What began as a self-administered restructuring at group level has metastasized into a multi-jurisdiction affair in which each project company now answers to its own court-appointed administrator….