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Israel: Regs cautiously allow lender collaboration on debt settlement

By  |  May 29, 2013

The head of Israel’s Antitrust Authority David Gilo has announced he will allow various banks to meet and decide together on a debt settlement for Israel Discount Bank Development Corporation, which currently owes debts to six banks in the nation. According to unnamed sources, Gilo will allow the banks to discuss a settlement for the next three weeks; reports say that the relatively short timeframe allowed for the banks suggests Gilo is cautious about allowing the lenders to collaborate on a settlement. Discount Bank reportedly approached Gilo with the request for joint talks after discovering IDB Development Corp. bondholders met with IDB Holding Corp. Ltd. bondholders to draw up a settlement offer. The banks have not confirmed that they will work together, however.

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