22 03 2016

I.D.B. Development in a motion to amend I.D.B. Holdings' creditor arrangement

Gornitzky & Co. represent I.D.B. Development in a motion to amend I.D.B. Holdings' creditor arrangement, following which I.D.B. Development will be delisted from trading in the Tel-Aviv Stock Exchange.


I.D.B. Development's trustee for Series 9 bondholders objected the motion claiming, among others, that the company was insolvent and that the suggested amendment could not ensure the company's full commitments until the end of the year. DB Development Corporation Limited is an investment arm of IDB Holding Corp. Ltd. It seeks to acquire interests in existing businesses and encourages the establishment of new businesses in Israel.
On March 10th, 2016, a court session was held at the District Court in Tel Aviv, before the honorable Judge Brenner, upon which a decision was issued, approving the amendment of the I.D.B. Development is represented by Pinhas Rubin (Picture) (Chairman of the Firm), Kfir Yadgar (Partner) and Yair Shiloni (Partner). Involved fees earner: Pinhas Rubin - Gornitzky & Co.; Kfir Yadgar - Gornitzky & Co.; Yair Shiloni - Gornitzky & Co.;

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