Judge Varda Alshech gave opponents of the settlement a few days to file objections before giving her final approval today.
Tel Aviv District Court Judge Varda Alshech today certified the Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) debt settlement. Last Sunday, the holders of the company's 13 bond series met CEO Izzy Cohen to discuss the settlement.
After the meeting, the bondholders passed the settlement in a landslide vote. Judge Alshech gave opponents of the settlement a few days to file objections before giving her final approval today.
The beginning of the debt settlement dates back to August 2009, when Africa-Israel announced that it would seek a settlement with its creditors, to whom it owed NIS 7.4 billion. After a series of crises in the negotiations, the company reached a deal with the bondholders, which includes a capital injection by Africa-Israel chairman Lev Leviev, the conversion of debt to equity, and a rescheduling of debt payments.
Published by Globes [online], Israel business news - www.globes-online.com - on March 21, 2010
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