BREAKING NEWS

Court approves Better Place sale to Sunrise

By GLOBES/ELA LEVY WEINRIB

JULY 10, 2013 15:45

The Lod District Court today approved the recommendation of Better Place Inc. liquidators Adv. Sigal Rosen-Rechav and Adv. Shaul Kotler to sell all of the company's operations and assets in Israel to Sunrise Ltd., headed by Yosef Abramowitz and the Association for the Promotion of the Electric Car in Israel. The court also approved the sale of Better Place Switzerland's intellectual property to the same group, subject to approval by the Swiss seller. The buyer will pay at least NIS 18 million for Better Place Israel's assets and NIS 25 million for Better Place Switzerland's intellectual property.

The sale has the support of the official receiver, after the liquidators concluded that it was the best offer for Better Place for three reasons: the money is not conditional, and will be paid this quarter; the offer has the support of Better Place customers; and there is a commitment to operate at least 15 battery recharging stations.

This morning, six weeks after Better Place filed for liquidation, Rosen-Rechav and Kotler asked the court to approve the company's sale to one of the two finalists: the Association for the Promotion of the Electric Car and Abramowitz (the owner of solar energy company Arava Power Company; and a consortium comprising Success Parking Ltd. and US electric car charging company Car Charging Group Inc. (Bulletin Board: CCGI).

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