The bondholders cite breach of trust by Nochi Dankner's company.
IDB Holding Corp. Ltd. (TASE:IDBH) bondholders today suspended negotiations on a debt settlement and slammed the company and its chairman, Nochi Dankner. Sources inform ''Globes'' that in response to today's notice to the TASE by IDB that its parent company Ganden Holdings Ltd. had given Eduado Elsztain an extension on his option to invest in the company, subject to IDB reaching agreement with the bondholders by February 20, the bondholders' representatives suspended the negotiations, citing breach of trust.
In a statement, the bondholders' representatives said, "In view of the unilateral announcement by IDB, the representatives have decided to suspend the negotiations on a debt settlement with the company, and have cancelled the scheduled meeting. We consider this announcement, which means that the option will not be exercised on time, as a breach of trust between the representatives and the company, and an apparent violation of the agreement. We will consider resuming the negotiations only after the details of the agreement between Ganden and Elsztain are clarified, and after we are promised that no more unilateral actions will be taken by IDB."
Published by Globes [online], Israel business news - www.globes-online.com - on February 4, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
Yossi Nissan Globes' correspondent