The District Court in Tel Aviv today (Monday) approved the debt settlement of a company Petrochemical and rejected the objections submitted to its approval.
■ A haircut of about a billion shekels: the debt settlement that the petrochemical owners are cooking up for the purpose of taking over Bazen
In his decision, the Vice President of the District Court, Judge Hagi Brenner, stated that due to tight schedules and the need to complete the debt settlement by September 15, the decision was already given now, when the reasons for the decision will be published in full later.
Now a petrochemical company will be required to get the Prime Minister’s approval to become the sole controlling owner of the company in the strain as well as to complete the raising of approximately NIS 485 million by issuing a new series of bonds.
This amount, together with the injection of capital by the existing owners and their partners, will allow Petrochemicals to acquire the holdings Society for Israel in Bezan (16.7%) and complete the arrangement.
The institutional auction for the purpose of raising the debt should be held this Thursday, while the public auction will be held the following Sunday.