IDB Holding Corp. Ltd. (TASE:IDBH) today notified the TASE that its parent company, Ganden Holdings Ltd., through which Nochi Dankner controls IDB, has notified it that if there is no agreement between IDB and its bondholders by February 20, the option Gandan gave Eduardo Elsztain to invest in Ganden will be extended until April 10.
Elszain's representatives have attended meetings between IDB and its bondholders, and Ganden says that the investment in the company should be completed on schedule. "The agreement to extend the option until April 10 was made during Eduado Elsztain's successful visit to Israel, together with his top team, last week. During the visit, Elsztain said that he was determined to close his investment in Ganden, and through IDB, as planned, and as quickly as possible."
A source close to IDB told "Globes", "As far as we are concerned, the extension of the option is a technical matter. Ganden and Elsztain are willing to go ahead with the investment this month, if the negotiations with the bondholders' representatives end in a deal by February 20."
As for the negotiations, which are currently stymied, IDB said, "We are doing the best we can to make progress and complete the talks with the bondholders' representatives for a fair settlement in the shortest possible timetable."
Published by Globes [online], Israel business news - www.globes-online.com - on February 4, 2013
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