Dankner meets IDB cash deadline

Just before today's decisive court hearing, Nochi Dankner and Alexander Granovsky produced NIS 520 million.

Just before today's decisive hearing in the Tel Aviv District Court on the fate of the IDB group, Nochi Dankner and Alexander Granovsky intend to deposit NIS 70 million in the court, and to transfer NIS 450 million to a trustee account.

Last week, Judge Eitan Orenstin gave Dankner a deadline whereby he was required to deposit NIS 500 million by August 25, or control of IDB would be taken from him and transferred to the bondholders. Dankner linked up with Ukranian businessman Granovsky, who plans to take over IDB by taking over Emblaze and using its cash.

In its notification to the stock exchange, IDB notes the deadline set by Orenstin and calls upon him to take note of the "huge efforts by the company and its investors, the tight deadline they faced, and the fact that was mentioned in his decision that 'according to customary practice, preference should be given to the company over creditors' proposals.'". The announcement also states that Dankner and Granovsky intend to submit an improved offer for a debt settlement, that is, better than their previous proposal the main plank of which was a cash injection of NIS 826 million.

Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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