In its Q3 update on Thursday, Aggregate Holdings has provided more information for its beleaguered bond investors. Many are concerned about the German real estate company’s liquidity position after a series of seemingly desperate transactions to raise cash by selling assets at a loss and securing rescue deals with its peers to stay afloat. The sharp drop in Adler’s share price (it holds a 26.6% stake) will result in a jump in Aggregate’s LTV to 60-65% at year-end compared to 53.9% at the end of Q3, which may put the year-end 65% LTV financial maintenance covenant at risk of breach.