Argentinian businessman Eduardo Elsztain and his Israeli partner Moti Ben-Moshe won ownership of IDB Holding Corp. Ltd. An Israeli court on Tuesday approved their rescue plan for the highly indebted conglomerate.
Reuters, citing a ruling by the Tel Aviv District Court, said that the partnership's takeover of IDB however will only come into effect after they disclose the full details of where their financing will come from.
Ben-Moshe had in the past said he would provide the judge with any information required. On the contrary, IDB's outgoing controlling shareholder Nochi Dankner promised to keep fighting for control of IDB, the report said.
Danker's rival proposal for IDB was rejected last week by its creditors. Elsztain and Ben-Moshe on December 9 won support from 75% of the votes of bondholders and bank creditors to takeover, Reuters said.
The partnership's proposal included a cash injection of ILS650 million into IDB Development and ILS300 million payment plus allocation of 46.7% of IDB Development to creditors, the report stated.
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