The debt settlement for Israel Petrochemical Enterprises has been permitted, thus paving the way in which for David Federmann to realize management of Bazan.
The debt settlement for Israel Petrochemical Enterprises (TASE: PTCH) has been permitted by the required majority of its bondholders, thus paving the way in which for David Federmann to realize 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 Alternate with a market cap of NIS 4.2 million. The comp-any’s predominant asset is its share within the controlling core 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 permitted with the aim of exercising the correct of refusal granted to Israel Petrochemical.
The importance of the transfer is that the present controlling homeowners of petrochemicals, led by David Federmann, are wiping out a billion shekels in Israel Petrochemical’s debt, in trade for the injection of NIS 100 million with new companions, who’re on their strategy 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
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