JT Capital to present Clal Insurance buyers by Oct. 4
TEL AVIV Oct 3 (Reuters) - Hong Kong's JT Capital Management will present the group of investors joining it in buying control of Clal Insurance Enterprises Holdings by an Oct. 4 deadline, Clal's parent company IDB Development said on Thursday.
In August, Israeli conglomerate IDB Development said it had agreed to sell a third of its insurance unit to JT Capital for 1.472 billion shekels ($416 million) to meet a court deadline for settling its debts.
The agreement between JT Capital and IDB stated that within 45 days the potential buyer will present details of the group of investors as well as documents attesting to their financial capabilities.
An Israel court has given IDB Holding, parent of IDB Development, until Oct. 20 to submit a debt settlement as Chairman Nochi Danker fights to keep control of the company and prevent a takeover by bondholders. The court will make a final ruling on Nov. 25.
Many of the companies IDB owns have been hit by slowing economic growth and increased competition. IDB Holding owes bondholders 2 billion shekels and IDB Development owes a further 5.8 billion.
($1 = 3.54 shekels)
(Reporting by Tova Cohen)
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