Two groups bid to buy Better Place

The liquidators will today make their recommendation to the court regarding the sale of the electric vehicle venture.

Two potential buyers are heading for the finishing line in the race to acquire the assets of electric car venture Better Place Inc. as a "going concern" and continue operating the battery recharging network, some of the battery exchange stations, and market electric cars in Israel. The first potential buyers are Sunrise Ltd., headed by Yosef Abramowitz (who owns Arava Power) and the Association for the Promotion of the Electric Car in Israel. and the second budding buyers are a consortium comprising Success Parking Ltd. and US electric car charging company Car Charging Group Inc. (Bulletin Board: CCGI).

This evening the various parties are meeting with law firm Raved, Magriso, Benkel & Co. to discuss pricing before tomorrow's discussions with the liquidator. Both groups have proposed employing 50 out of Better Place's remaining 85 employees.

After tomorrow's meeting the liquidator will make his recommendation to the Lod District Court regarding the sale of Better Place.

This phase of the company being operated by the temporary liquidators is about to end. In the next phase the liquidators will handle creditors' claims.

Published by Globes [online], Israel business news - www.globes-online.com - on July 9, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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