The holders of IDB Development's series 9 bonds decided by a large majority yesterday to instruct the bond trustee to present the debt owed to them for immediate repayment. The bondholders rejected the debt settlement proposed by IDB Development controlling shareholder Eduardo Elsztain, and even decided in a further vote that the bond trustee should not raise new settlement proposals for approval unless they represented a substantial improvement over the current one. RELATED ARTICLES Elsztain liable to lose IDB after investing NIS 3b More than 99% of the bondholders who participated in the vote decided not to allow the trustee to open negotiations with Elsztain on the basis of his existing proposal, and the bondholders decided by the same majority to empower the trustee to institute legal proceedings against IDB and its officers. IDB Development owes its bondholders NIS 2.03 billion in total. Of this amount, NIS 910 million is owed to the unsecured series 9 bondholders. In the past few weeks, Elsztain has presented three different proposals for a debt settlement in IDB Development, involving a haircut of 70-80% for the series 9 bondholders. Published by Globes, Israel business news - en.globes.co.il - on September 15, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020
