The Tel Aviv District Court this morning approved the sale of Israir Airlines and Tourism Ltd. to BGI Investments (1961) Ltd. (TASE: BGI), controlled by Rami Levy and Shalom Haim.
At the hearing the IDB Development appointed trustee Adv. Ophir Naor, who had recommended to the court the bid of BGI, one of three bids in the public auction, said, "We have been through an intensive sales process with a company that is in a crisis that is not simple in the crazy Covid-19 era. I was privileged to get to know a very special management and employees. We will transfer the company in an organized fashion into good hands and I am sure they will worry about the future of its employees."
In the court's decision the judge detailed that IDB's bondholders has overwhelmingly rejected the two other bids by Moti Ben-Moshe through Dor Alon (by 99%) and by building developer Yigal Dimri (by 75%). The court rejected an appeal against the bid process by Yigal Dimri.
In explaining his preference for the BGI bid, Adv. Naor said that it was worth NIS 162 million with a possible upside of reaching $200 million.
In its decision the court said that Israir's creditors had spoken, "Loudly and clearly and there was no reason not to respect their wishes." The judge also had words of praise for Israir CEO Uri Sirkis and the airline's employees.
Published by Globes, Israel business news - en.globes.co.il - on January 1, 2021
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