Another foreign investment fund has taken a position in a local investment company whose bonds have reached junk yields.
Sources inform "Globes" that private equity firm York Capital (which carried out a successful investment in IDB Development last year) has been joined by US hedge fund dkpartners in its recent investment in bonds of Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT).
As far as is known, the two funds bought 15% of Elbit Imaging's bonds at an investment of NIS 150-200 million.
dkpartners invests in distressed companies that it believes are about to undergo change as a result of s debt arrangement, through their equity or bonds. The fund was founded by Tomas Kempner, and is based in New York. Like York Capital, it manages investments worth over $10 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 23, 2013
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