"A decisive majority of IDB Holding bondholders voted on the proposal to take control of the company and distribute its shares to the bondholders. The bondholders representative, including an investment house, pension fund, and representatives of private bondholders, are now preparing for the transfer of control of the company to the bondholders to ensure a maximum return on the debt," stated the IDB Holding Corp. Ltd. (TASE:IDBH) bondholders representative after Sunday's general meeting.
The bondholders meeting convened with the permission of Tel Aviv District Court Judge Eitan Orenstin, who earlier on Sunday set for IDB chairman Nochi Dankner and the investor he found, Alexander Granovsky, a challenging condition, which will be hard for them to meet: to deposit NIS 500 million within seven days. The deposit is a condition for granting them an extension to draw up a debt settlement for IDB.
Judge Orenstin decided that the preliminary creditors meeting of IDB Holding, the public company through which Dankner controls the group, would be held on schedule, and it was. The judge also reaffirmed the date for deciding the fate of the company, next Sunday, August 25.
Published by Globes [online], Israel business news - www.globes-online.com - on August 19, 2013
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