Rubicon's liabilities vastly exceed assets - liquidator

Amir Bramly  photo: Kfir Harbi

Owner Amir Bramly continues to maintain that the group can repay 100% of its debts.

The companies in the Rubicon group, controlled by Amir Bramly, have tangible assets of tens of millions of shekels, and additional assets of an unknown value, versus debts of NIS 296 million, according to a report filed this morning by the provisional liquidator of the Kela fund and its parent company Rubicon, Adv. Erez Haver of Amit Pollack Matalon & Co.

At the same time as the liquidator's report is filed, Bramly is asking the court to be able to bring his proposal for a creditors' arrangement, under which he claims 100% of the debts will be paid, to a vote at a creditors meeting.

Meanwhile, two restaurants that were owned by Bramly and were bought and operated by Rubicon Ahad Ha'am 1 and Etnahta Herzliya are in the process of closing down, with Bramly's consent, in order not to increase the liabilities in connection with their operation.

Bramly has declared for some time that the Rubicon group has more assets than liabilities and that therefore, subject to the sale of assets, the group can repay all the investors and creditors their money. The picture presented by the liquidator's report, however, is not consistent with this declaration. According to the report, although the value of some of the assets in unclear, the Rubicon group's debts are substantially larger than its assets.

Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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Amir Bramly  photo: Kfir Harbi
Amir Bramly photo: Kfir Harbi
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