Argentine billionaire Eduardo Elsztain on Thursday decided not to invest in Israeli conglomerate IDB Holdings.

Elsztain had been expected to invest hundreds of millions of shekels in IDB, thus keeping Israeli tycoon Nochi Dankner in control of the debt-burdened conglomerate.

According to media reports, Dankner is now attempting to find new investors in Israel and internationally to give IDB bondholders millions of shekels in place of Elsztain.

IDB and its creditors are due to submit to the Tel Aviv District Court their plans for a debt arrangement in the group on Sunday.

The legal proceedings began with the claim of the IDB Development bondholders that the company is insolvent, which the company firmly denies.

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