Eliezer Fishman has reached agreement with Bank Leumi (TASE: LUMI), enabling the bank to withdraw its request for the appointment of a receiver for Fishman's controlling stake in real estate company Jerusalem Economy Ltd. (TASE:ECJM) (JEC).
Under the terms of the agreement, Bank Leumi will withdraw its receivership petition and will appoint Adv. Eyal Rosovsky and Adv. Ronen Matry on its behalf to manage the sale of the 40% stake in Jerusalem Economy.
In the response filed yesterday by Fishman and his privately held companies to the receivership petition, it was argued that the financial result of appointing a provisional receiver would be the opposite of that sought by the bank.
This morning, the Tel Aviv District Court approved the arrangement between Fishman and Bank Leumi.
Last week, a deal for the sale of Fishman's stake in Jerusalem Economy to a group of investors headed by Nakash Brothers fell through.
Bank Leumi, which holds a lien on the shares, immediately filed the petition for the appointment of a receiver, in a move intended to take the shares out of the hands of Fishman, whose debt to Bank Leumi amounts to some NIS 2 billion.
Eliezer Fishman is the controlling shareholder in "Globes".
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015