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IDB Holding Corporation Ltd Announces That The Court Approves To Extend Period For Settlement With The Company's Creditors; The Court Approves The Sale Of Clal Industries And Investments Ltd

Monday, 26 Aug 2013 02:25am EDT 

IDB Holding Corporation Ltd (IDB Holding) announced the decision by Tel Aviv District Court presided over by Judge Eitan Orenstein, August 26, 2013. Given that Emblaze Ltd deposited NIS 450 million with trusteeship for investment in IDB Holding, that NIS 50 million more was deposited with the Court’s treasury, and NIS 20 million more is expected to be deposited with it. Judge Orenstein granted approval to extend the period for concluding the settlement between IDB Holding and its creditors, and turned down the request of IDB Holding's creditors holding its bonds, to approve the settlement with the Company, and to approve IDB Holding's source distribution. Offers and suggestions for the settlement between IDB Holding and the creditors are invited. The Court approved the sales of Clal Industries and Investments Ltd’s shares by its owner, IDB Development Ltd, and approved the proposed agreement between IDB Development Ltd and shareholders. Clal is to report to the Court regarding the progress and completion of the process. Finally, the Court decided not to rule the transfer of investor’s money, Mr. Olman’s, to IDB Development Ltd’s creditors. This issue is to be decided by IDB Development Ltd’ Board of Directors. 

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21 May 2015