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Israel: Antitrust Authority merger approval to determine Flat Glass debt reduction

By  |  October 31, 2012
Israel: Antitrust Authority merger approval to determine Flat Glass debt reduction

An agreement made between creditors over Phoenicia America-Israel (Flat Glass) Ltd.’s debt will only come into effect after Israel’s Antitrust Authority approves the sale of Flat Glass to Fortissimo Capital. Flat Glass is in NIS 320 million in debt, though a judge at the Nazareth District Court had approved a 15 percent reduction in the debt offered by the four banks that are owed the money.

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