The trustee Adv. Shlomo Nass will now try to sell Agrexco as a "going concern" but will no longer be able to sell the company in its entirety. Judge Varda Alshech will rule on the matter tomorrow.
On Sunday, the company's bondholders rejected a debt settlement offer by the government controlled company which would have included a "haircut" of more than 80%. The bondholders' rejection was unanimous and they expect other unsecured creditors to join them.
The institutional bondholders claim that they invested in Agrexco in the understanding that a government controlled company would guarantee it should it ever become mired in difficulties, and that now the government was shirking its responsibilities with a "shrug of the shoulders."
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