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      Abramowitz Loses Better Place Purchase

      Better Place will be sold to the Merkur-CCGI, after Yosef Abramowitz's Sunrise consortium failed to close the deal.
      By David Lev
      First Publish: 8/26/2013, 1:13 AM

      Better Place electric car
      Better Place electric car
      Israel news photo: Flash 90

      Bankrupt electric car company Better Place will be sold to the Merkur-CCGI group, a Florida-based group led by Israeli parking kingpin Tzahi Merkur, after Yosef Abramowitz's Sunrise consortium failed to make a deal to purchase the company. Merkur-CCGI will pay NIS 11 million for the assets of the company that was once valuated in the hundreds of millions.

      Abramowitz was selected by the bankruptcy court to purchase Better Place's assets, and was to pay NIS 18 million for the company's operational assets and NIS 25m for its intellectual property.

      However, the Sunrise group missed its first payment of NIS 3.52 million. On Sunday, the court expressed its skepticism at the company's ability to continue with the deal.

      Within 21 days, the Merkur group will need to deposit NIS 5 million with the receivers of Better Place. The final payment will be due by September 30.