BREAKING NEWS

Dankner vows to save IDB after warning by auditors

By NADAV SHEMER

SEPTEMBER 2, 2012 20:49

Nochi Dankner promised Sunday to do everything in his power to save IDB Holding Corp., after the conglomerate attached a “going concern” warning from auditors to its second quarter financial report.

IDB recorded a net loss of NIS 1.27 billion in the second quarter, compared with a NIS 883 million loss in the corresponding period last year, the company reported Friday. Accountants BDO Ziv Haft and KPMG Somekh Chaikin expressed doubt over the company’s ability to repay all its debts, indicating that it may be facing bankruptcy.

S&P Maalot immediately downgraded its rating for IDB bonds to CCC from BBB-, citing a continuing decline in the level of liquidity and rising fear of insolvency within a year. Shares in the company plunged as much as 10 percent in early-morning trading but recovered to finish at NIS 14.01, a decrease of 2.1%.

Promising to do “whatever is necessary” to protect the money of investors and the rights of bondholders and shareholders, Dankner said IDB would act to inject capital, sell assets, and continue to streamline and cut expenditures.

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