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  Av 20, 5773 , 26/08/13

Court Gives IDB Holdings an Extension

The Tel Aviv District Court accepted, Monday, a request by IDB Holdings to extend until October 20th a deadline to formulate an agreement with the company's creditors by adding an outside investor to the company. Under the ruling, said agreement and other proposals for dealing with the company's finances will be examined and brought to a vote of the creditors in November.

The significance of the decision is that owner Nochi Dankner will remain in the picture but lose controlling interest in favor of his new partners.

Other archived news briefs:Aug 26 2013, 09:26 AM, 8/26/2013