2024-03-27 17:50:00
Hanan Mor the former controlling owner of the collapsing real estate company that bears his name, will hold only about 1% of the company’s shares according to the debt settlement that is taking shape. According to sources in the company’s environment, this is how the road to approval of the settlement was apparently paved.
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On Wednesday, Hanan Mor, currently managed by his uncle Zevida – who was appointed to the position to consolidate the debt settlement – announced that in accordance with the outline presented earlier this month, Hanan Mor (former chairman of the company) and his partner Avi Maor (former CEO) agreed to reduce the The rate of their holdings is less than half of what was offered to them before (2.4% of the capital).
During the week, votes were held on the arrangement outline for some of Hanan Mor’s bond series, and in some it was not approved. Now, the outline (to the extent of approximately NIS 2.7 billion in fund terms) will be submitted to the creditors and the estimates are that there is a good chance of receiving their approval. At the same time, the company reported Construction YH Demari to the Stock Exchange that its offer to purchase Hanan Mor’s flagship project in Sde Dov in north Tel Aviv has expired. Demari recently offered to buy the complex on which hundreds of luxury housing units are to be built for NIS 1.1 billion – an amount significantly lower than what Hanan Mor paid in 2021 (1.5 1 billion shekels).The offer expired after one of the conditions imposed by Demari was not fulfilled: receiving approval from the court within 7 days from the date of submission of the offer.
The company’s creditors will be allocated shares that will make up about 96% of the company’s capital
According to Hanan Mor’s debt settlement outline, which was sent to the High Court earlier this month, the company’s creditors (mainly banks and institutional entities) will be allocated shares that will make up about 96% of the company’s capital, with existing shareholders being diluted to holding less than 4% of the capital. Among the creditors Most notably, the consortium financing the purchase of the Sde Dov complex (the Discount and Leumi, Fenix and Meitav banks) will own 41% of the Hanan Mor shares, while holders of two series of bonds (13th and 18th) will own 31% of the capital.
In addition, the construction of the group’s apartments will be completed in “closed escort” projects at the various sites in Or Akiva, Harish and Modi’in and the company will maintain its profitable assets: commercial centers in Modi’in and Harish, so that it will be allowed financial flexibility and stability for its continued economic rehabilitation. Hanan Mor is already reducing the debt by selling major entrepreneurial projects, for which binding contracts have already been signed in the cities of Haifa, Ramat Gan (Ramat Afel), Ness Ziona and others.
Hanan Mor’s stock is currently trading at a low price, which gives the entrepreneurial company a value of NIS 42 million (compared to more than NIS 1 billion at the peak) after the stock fell by 75% in the last year. The company has five series of bonds for which the amount of debt is NIS 612 million. The three series traded today reflect three-digit junk returns of up to 673%.
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