IMO NOTE: TRANSLATED ARTICLE FROM HEBREW TO ENGLISH BY GOOGLE
Court: Agrexco commence liquidation proceedings within two weeks
After the failure of the freezing of the Court proceedings on the last extension until September 11 to prepare a request for dissolution. Judge Varda Alshech valid decision the bondholders who says she had to follow in time for the state of Agrexco
District Court judge in Tel Aviv Verde Alshich extended today (Tuesday) the freezing of Agrexco proceedings until September 11 but this time in preparation for dismantling and transfer request the company to a path of dissolution, after freezing procedures failed.
Alshich wrote in her decision that no creditor can impose order on a group that endorsed him and against him, for the settlement covers only a very small percentage of non-guaranteed oblivion.
Layoffs exclusive ":what they forgot the appraiser of Agrexco road price tag of 109 million euros ignored firm Kesselman & Kesselman Agrexco the evaluation of the possibility that farmers will abandon and that the company does not meet its obligations.Now, the highest price offered Agrexco is 16 million eurosNaama Sickoler, 9 commentsRead more
Judge places the responsibility for the relatively low purchase offer of $ 18 million Euros only on the shoulders of the trustee, attorney Shlomo Ness, and wrote that the proposal raises puzzlement "particularly in light of the repeated statements of the Custodian of the enormous value of the company and the largest market segment it is a weakness ". According Alshich," If such is the case, how can he failed to translate even a little of that much value to a worthy proposal? ".
More accused Alshich the state has de facto control Agrexco not put money on the rescue.
Alshich valid decision the bondholders who says she had to follow in time for the state of Agrexco. Bondholders yesterday filed a report prepared by an accountant Yehuda Barlev, stated that Agrexco's financial statements did not reflect the real monument. According Alshich, institutional investors act as trustee of the public and there is grave concern that negligent dereliction of hard testing company and conduct reports. "There is no possible fault of the state and its agents to cover this charge can cost an outrageous disregard for minimum duty of care towards the members."
According Alshich, "if indeed this is true, and it loaded to the sharp report filed today on behalf of institutional investors was based not only on visible matter. Where were all due respect to investors several months earlier, when some of these materials was equally visible? That counted and counted in a nearly blind that the state will not let the company do with her fall, irrespective of the price, provided they can remove anxiety from their hearts? "
Agrexco freeze proceedings began on June 30, when a few days later, a hearing will Alshich which first expressed the state, banks and most of the resistance creditors objected to a stay of proceedings and will procedures for dismantling the company.
Heavy pressure of Alshich finally reached agreement providing finance to allow the operation of the company during the stay of proceedings for sale. At the same time many doubted the chances of saving the Agrexco and sell it should the procedure of suspension of proceedings.
