Report: IDB auditors note going concern in financial report

June 1, 2013 08:28

Corporate auditors noted "going concern" in IDB Development's financial report published for the first quarter of the year, Israel Radio reported early Saturday.

Auditors allegedly reported that the unresolved legal process concerning dual debt settlements has impaired the company's ability to execute its business plans.

IDB Development bondholders are to write off NIS 1.8 billion of its debt and get 90 percent of its shares.

Niv Elis contributed to this report.

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