Eliezer Fishman's Savyon house sold for NIS 23m

Eliezer Fishman / Photo: Shlomi Yosef , Globes

The sale is part of the bankruptcy settlement with the Fishman family, which will keep half the proceeds.

The house in Savyon that belonged to bankrupt businessman Eliezer Fishman was recently sold for NIS 23 million. The sale agreement was signed by Fishman's wife Tova Fishman. The buyer is Koko Ovadia, who is in the fuels business.

In the settlement reached by the creditor banks with Fishman's wife and children, it was stipulated that the house would be valued by a surveyor and would be sold by the Fishman family for at least 90% of the valuation. The valuation was NIS 21.3 million excluding VAT, so the selling price in fact exceeds it.

Under the arbitration agreement between the sides that was approved in July 2020, the Fishman family will receive 50% of the proceeds of the house sale.

In June 2017, the receiver of Fishman's assets, Joseph Benkel, submitted to the court a plan for a creditors' arrangement whereby the Fishman family would initially repay NIS 140 million of Fishman's debts, with an optimistic scenario in which NIS 400 million out of debts of NIS 1.8 billion, mainly to the banks and the Tax Authority, would be paid. Following a public outcry, the banks decided to reject the settlement and sought to institute legal proceedings against Fishman, including bankruptcy proceedings.

Under the settlement approved by Judge Eitan Orenstein, the repayment was raised from NIS 140 million to NIS 214 million. It was also agreed that Fishman would not be discharged from bankruptcy under the settlement. The amount of the settlement is however very small in relation to the total debt in the cases in which Fishman is involved, which amounts to some NIS 3 billion.

Eliezer Fishman is the former controlling shareholder in "Globes".

Published by Globes, Israel business news - en.globes.co.il - on April 19, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Eliezer Fishman / Photo: Shlomi Yosef , Globes
Eliezer Fishman / Photo: Shlomi Yosef , Globes
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