Negotiations continue with a group of investors.
The Central District Court in Petah Tikva ordered a stay of proceeding against Office Depot Israel yesterday. This was at the request of Mizrahi Tefahot Bank (TASE:MZTF), a secured creditor of the company, on account of a combined debt owed by Office Depot Israel to the banks of NIS 30 million.
Judge Ilan Shiloh granted the request, and appointed counsel for the bank and the company as trustees. A creditors meeting will take place this week, and the trustees are due to update the court in a week's time.
Mizrahi Tefahot Bank's representative told the court that negotiations were taking place between the company and a group of investors, and that the bank had tried to bridge the gaps between the parties. During the period of the stay of proceedings, the company, the investor group and the bank are to conduct negotiations with the aim of concluding an agreement. The investor group will deposit a NIS 4 million bank guarantee.
Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2012
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