Judge Thomas Leech refused permission to appeal the decision at the High Court, although the bondholders can go to the Court of Appeal, and noted a majority of creditors had backed the restructuring plan.

The bondholder group did not immediately respond to a request for comment.

Adler, one of Germany's biggest landlords, is fighting a liquidity crisis triggered by a downturn in the German property market, rising energy and building prices caused by Russia's invasion of Ukraine and the impact of the COVID-19 pandemic.

A restructuring plan, put forward by lawyers representing Adler's English subsidiary, to prevent the firm's imminent collapse was approved by London's High Court on April 12, even as some bondholders opposed the decision.

The investors, holding Adler notes that mature in 2029 and including investment firms DWS Investment GmbH and Strategic Value Partners, opposed the plan, saying they would be better off if Adler Group were formally liquidated.

In addition, short seller Viceroy Research in 2021 alleged the company's balance sheet had been artificially inflated, accusations Adler rejected at the time.

Adler Group has external debts of approximately 6.1 billion euros ($6.7 billion), according to court documents filed by its English subsidiary AGPS Bondco.

Under the restructuring plan, the company would borrow 938 million euros of new funding and the terms of unsecured notes that mature between 2024 and 2029 would be amended.

Its Chief Financial Officer Thomas Echelmeyer said on Tuesday the firm wanted to pay off its debt without a complete break-up of the group, though it will also have to cut jobs.

Adler Group's share price - which has fallen by 97% since January 2021 - was up 2.9% to 0.8555 euros at 1215 GMT.

(Reporting by Chiara Elisei Editing by Mark Potter)