Petro Group Ltd: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Wright Reports
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Petro Group Ltd Makes Clarification Announcement Regarding Arko Holdings Ltd's Opposition To GPM Deal
Petro Group Ltd (Petro) made clarification announcement, September 11, 2013, regarding Arko Holdings Ltd's opposition to the Company’s GPM deal. Arko Holdings Ltd (Arko) filed opposition motion against the deal concluded by Petro, and GPM Investments and Management (2003) Ltd, on the one hand, with GPM Petro Acquisitions LLC, on the other hand. The initial are to acquire all and full known shares of GPM US Partners LP and specific equities of GPM Investments LLC (GPM). The deal is covered by the proposed Petro creditors’ settlement, and Tel Aviv-Yaffo District Court approved summoning Petro creditors’ and shareholders’ to vote on the settlement. Arko has stakes in GPM and claimed the deal breaches its eligibility to first proposal for GPM, being legally barred to engage in joint shares-buy operations and being legally obliged to find an investor for its shares,. Arko has added that GPM is involved in legal proceedings in the United States. Petro replied the motion was a cover for temporary relief assistance, it did not match the threshold for opposition motion, was irrelevant regarding Petro’s request for the Court to approve summoning Petro creditors’ and shareholders’ meeting, and that Arko’s motion could be verified only after that meeting, and finally, that Arko’s motion was insincere, attempting Petro creditors’ settlement and the GPM deal foil, in order to bring GPM to liquidation and acquire it. Arko withdrew the motion but upkeeps its reservations.
Latest Developments for Petro Group Ltd
- Petro Group Ltd Announces That Delaware Court Turns Down Arko's Claim For Eligibility To First Proposal For GPM Investments LLC
- Absolute Liquidation Warrant Against Petro Group Ltd Turned Down
- Petro Group Ltd Wins Court's Approval To Summon Creditors' And Shareholders Meeting To Vote On Proposed Creditors' Settlement
- Petro Group Ltd Announces Retirement of Chairman, Mr. Harel Shimon
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