Maiman's aides claim that the conduct of the creditors is causing them and the company damage and they are entirely responsible for the situation.
Ampal-American Israel Corporation (Nasdaq: AMPL; TASE:AMPL) controlling shareholder Yosef Maiman has decided to hand the company over to its bondholders, the company's management reported today, at the end of a meeting between a committee of creditors appointed by a US court and Ampal. Maiman's aides claim that the conduct of the creditors is causing them and the company damage and they are entirely responsible for the situation.
Sources close to Maiman say that transfer of control of the company comes after it became clear that an extremist minority among the bondholders is working to torpedo any debt settlement that will enable bonds to be repaid to bondholders, and that it is no longer possible to reach understandings that will serve the good of the company and the bondholders.
The decision comes after more than a year since Ampal became embroiled in a crisis after the uprising in Egypt and the cessation of gas supplies via the Sinai to Israel and has striven to reach a debt settlement, company executives say.