One month after Habas HZ Investments Ltd. (TASE: HABS) bondholders approved a debt settlement offer formulated by the UK's Duet Asset Management Ltd., it looks as if the deal will not be implemented. This would be a repeat of the failed offer for Habas from Aspen Group Ltd. (TASE:ASGR).
Habas Investments is collapsing and the company's CEO Hertzel Habas notified the Tel Aviv Stock Exchange this morning that that the closing date of September 6 for completing the Duet deal has passed with no deal done. Habas said this was, "due to various claims by Duet."
Counsel for the UK fund has been working to reach agreements with Dutch REIT Nieuwe Steen Investments NV (NSI) (AEX: NISTI), the main asset held by Habas.
Habas said, "There is no certainty that the deal for the sale of NSI shares to Duet will be implemented on the terms reported by the company or will be implemented at all."
Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2013
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