Bondholders of IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman Nochi Dankner, with the exception of the Series B bondholders, agreed at court today with IDB's attorney Adv. Ram Caspi, that the NIS 35 million payment due on the Series B bond tomorrow will be deposited with a trustee.
The attorneys for the Series B bondholders opposed the delay in the bond payment, but said that if the payment is paid into a trust account, the bondholders' rights should be protected.
The court also decided that, after the deposit of the bond payment with the trustee, all the parties will negotiate for 21 days to try and reach an agreement on the payment. "If at the end of the negotiating period, no agreement is reached, the petitioners will have the right, within three business days, to file a revised motion for a temporary injunction, in which they will have the right to amend and add to their claims at their sole and absolute discretion, and the hearing will be held on schedule."
Published by Globes [online], Israel business news - www.globes-online.com - on September 5, 2012
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