Efforts to sell Agrexco
5 August 2011
The Tel Aviv court of justice approved a time extension of freezing proceedings until August 10 to Shlomo Nass. Nass is a lawyer who was chosen as trustworthy for Agrexco, until it will be sold and pay her depts. Agrexco has a scope of obligations estimated 106 million euro, mainly to banks and to Zim, a shipping company.
At the courthouse, Nass informed that he managed to collect 15 million euro from customers abroad. This will allow the operation of the company in near future. In previous discussion, Nass informed that seven groups are interested in Agrexco; five in purchasing it, and two companies are interested in buying certain assets of Agrexco. In the last discussion, the number of interested groups increased to 15. Nass added that among those there is a very serious buyer. Agrexco's value is estimated to be US$ 120-160 million.
In the last few months, Agrexco is undergoing the most difficult financial crisis in its history, and a crisis of confidence from farmers and clients. Many farmers left the company and went to other export companies such as Granot- a 15 kibbutzim Corporation, and the largest avocado grower in Israel; Miloot – another big Kibbutzs Corporation and more. Lately, a big group of flower growers announced they are leaving the company and starting their own export company. FloraHolland auction seniors announced they are watching the events closely.
http://www.hortibiz.com/detail/article/efforts-to-sell-agrexco/
