Billionaire Gautam Adani's bonds are a soft target with hard assets

To know whether Adani is more likely to float than sink, bondholders are turning to rating companies, advisers and lawyers

The journey of Gautam Adani, a small-time importer of plastics granules into India in the 1980s, had begun along the coast of Gujarat — in a swamp he would go on to turn into the country’s largest trading outpost. And now, with his fortune back home under attack from a New York-based short seller, the tycoon posed for cameras with Benjamin Netanyahu in the Haifa Port, which he had come to buy for $1.2 billion.
 

To bondholders, there’s a symbolism in the beleaguered billionaire’s Jan. 31 photo-op with the Israeli prime minister. The ambition that had propelled his odyssey from