Argentinian investor Eduardo Elsztain has backed out of his
planned investment in Nochi Dankner’s financially troubled IDB Holding
Corporation, Dankner informed the company’s bondholders Thursday night.
Dankner said he would give bondholders a new proposal for a
debt arrangement in the next few days.
He said that other Israeli and
international investors plan to invest hundreds of millions of shekels in IDB,
and the money will be deposited in an escrow account early next week.
But so far, who these investors are remains unknown, as does
the seriousness of their intentions.
Elsztain, who invested $25 million in IDB’s parent company,
Ganden Holdings, last September, had been expected to invest some NIS 700
million in IDB, together with other investors.
A source close to the company said that Elsztain “has had it
with the Israeli economy. But we believe that by Sunday, everything will be
clearer and Dankner will present his alternative to the investors.”
Sources close to IDB’s bondholders said they weren’t yet
sure whether Elsztain’s withdrawal was for real, or just a ploy to intimidate
them.
In nonbinding votes, more than 90% of IDB’s bondholders
indicated Thursday, before they learned Elsztain was backing out, that they
would rather take over the company than reach a deal with Dankner.
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