Argentine billionaire Elsztain withdraws investment in Dankner's IDB

Dankner, in danger of losing control of conglomerate, reportedly seeking new investors as deadline looms for debt arrangement.

By JPOST.COM STAFF, GLOBES
July 5, 2013 05:21
Nochi Dankner

Nochi Dankner 311. (photo credit: Courtesy)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

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.

Be the first to know - Join our Facebook page.


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.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS