3 September 12 14:31–After publishing a poor financial report for the second quarter of 2012, which included a going concern warning, IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, held a meeting today with the holders of its A, B, C, D, and E series bonds, in which Dankner asked, through IDB’s executives, for a 100-day grace period to find an external investor for the company.
Sources inform ”Globes” that Dankner, who was not present at the meeting, is holding business meetings in New York, in an attempt to find an investor.
IDB was represented at the bondholders meeting by CEO Haim Gavrieli and the company’s legal advisor, Shimshon (Shoni) Albek. Almost 900 seats were prepared in the hall, but only a few dozen people showed up. The atmosphere was calm, and there were no calls made against Dankner or company executives.
“We hope that the bondholders will continue to believe in the company. We’re going through hard times, but we’re determined to emerge from these times with solutions in hand,” Gavrieli told the bondholders. “We reached this state because of the going concern warning that was attached to the financial report for the second quarter, but beyond the warning, the company has sufficient cash to meet its commitments for at least a year.”
Gavrieli said that IDB was seeking an investor to inject capital into the company, and he asked the bondholders for more time. “We believe that giving us time to bring in investors is the right thing for all the parties, and we’re doing this as quickly as possible. We intend to use every means to protect the company’s investors. IDB is an upholder of business ethics, and will remain so.”…Read More>>