The debt settlement for Israel Petrochemical Enterprises has been authorized, thus paving the best way for David Federmann to achieve management of Bazan.
The debt settlement for Israel Petrochemical Enterprises (TASE: PTCH) has been authorized by the required majority of its bondholders, thus paving the best way for David Federmann to achieve management of Bazan (Oil Refineries) (TASE: ORL).
Israel Petrochemical Enterprises was in impact bancrupt and was traded at this time on the Tel Aviv Inventory Change with a market cap of NIS 4.2 million. The corporate’s foremost asset is its share within the controlling core of Bazan with Israel Company (TASE: ILCO), managed by Idan Ofer. Ofer’s makes an attempt to promote his stake within the controlling core to Hagag Group Actual Property Improvement Ltd. (TASE: HGG) led to the forming of the brand new debt settlement preparations, which have now been authorized with the aim of exercising the appropriate of refusal granted to Israel Petrochemical Enterprises.
Hagag Group completes Bazan buy from Israel Corp
The importance of the transfer is that the present controlling homeowners of Israel Petrochemical Enterprises, led by David Federmann, are wiping out a billion shekels of its debt, in alternate for the injection of NIS 100 million with new companions, who’re on their technique to take over Bazan and full the holding within the controlling core.
Printed by Globes, Israel enterprise information – en.globes.co.il – on August 30, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
David Federmann credit score: Yediot Ahronot Reuven Schwartz