News| Restructuring & Insolvency
Yet another successful year and recognition of our outstanding abilities! This year, as in previous years, the esteemed ranking guide, Coface Bdi, top ranked our firm in 14 Tier 1 categories
Yet another successful year and recognition of our outstanding abilities! This year, as in previous years, the esteemed ranking guide, Coface Bdi, top ranked our firm in 14 Tier 1 categories. The leading rankings include Banking & Finance, Tax, Litigation & Dispute Resolution, Mergers & Acquisitions, Capital Markets & Securities, Infrastructure & Project Finance, Energy & Natural Resources, Corporate, Real Estate & Construction, Real Estate taxation, Class Actions & Derivative Suits, Telecoms & Media, Restructuring & Insolvency, Trusts, Estates & Wealth Management.
Gornitzky represented Melisron Ltd., the leading real estate company in the field of shopping malls and commercial centers, in a NIS 1.2 billion issuance of public bonds.
Gornitzky represented Melisron Ltd., the leading real estate company in the field of shopping malls and commercial centers, in a NIS 1.2 billion issuance of public bonds. Melisron issued two new series of bonds, one of them is secured by a real-estate asset, and one existing series was expanded.
Gornitzky & Co. represent I.D.B. Development in a motion to amend I.D.B. Holdings' creditor arrangement, following which I.D.B. Development will be delisted from trading in the Tel-Aviv Stock Exchange
Gornitzky & Co. represent I.D.B. Development in a motion to amend I.D.B. Holdings' creditor arrangement, following which I.D.B. Development will be delisted from trading in the Tel-Aviv Stock Exchange.
I.D.B. Development's trustee for Series 9 bondholders objected the motion claiming, among others, that the company was insolvent and that the suggested amendment could not ensure the company's full commitments until the end of the year.
On March 10th, 2016, a court session was held at the District Court in Tel Aviv, before the honorable Judge Brenner, upon which a decision was issued, approving the amendment of the
Gornitzky represented Nes-Pan in Mega Retail Creditor Arrangement
Gornitzky represented Nes-Pan (a subsidiary of Amot Investments) in a stay of proceedings requested by Eden Teva Market (a subsidiary of Mega Retail). Nes-Pan is one of Eden Teva Markets' Creditors, leasing a property to the company in Be'er Sheba.
Gornitzky is representing the Agrexco liquidators in a lawsuit against the State of Israel, which was recently approved to go to court.
Gornitzky is representing the Agrexco liquidators in a lawsuit against the State of Israel, which was recently approved to go to court. In the lawsuit, the liquidators attribute responsibility for Agrexco's near NIS 500 million debt and subsequent bankruptcy collapse to the behavior of the State and affiliated entities, which controlled Agrexco, for their improper use of the company to promote national and other agendas that were contrary to the company's best business interest and created financial instability.
The courts ruled in support of Ofroni Holdings, winner of a tender offering for the purchase of land in Rishon L'Tzion.
After winning a tender offer by a court-appointed receiver for the purchase of land "as is" in Rishon L'Tzion, Ofroni Holdings discovered several previously undisclosed disputes between the owners and the Rishon L'Tzion planning authorities. In a motion to void the tender, the Rishon L'Tzion Magistrate's Court gave an unprecedented ruling in support of arguments made by Adv. Noam Ronen of Gornitzky on Ofroni's behalf, placing the burden of active disclosure of crucial information on the sellers.
Ofroni Holdings was represented by Mr. Noam Ronen (Partner).
Gornitzky & Co. represented Delek Real Estate Ltd.'s controlling shareholder, Mr. Yitzhak Tshuva, in signing an agreement with the company's bondholders, delaying the payments of several series of debentures.
In negotiations between the representatives of several of Delek Real Estate Ltd.'s bondholders and the company's controlling shareholder, Mr. Yitzhak Tshuva, the parties agreed that payments to the bondholders will be delayed by several months and in return, the bondholders will receive NIS 13 million in compensation.
Mr. Ofer Tzur (Partner, Head of Litigation) represented Mr. Tshuva in this case.
Gornitzky represents I.D.B. Development in a petition for dissolution and a motion to appoint a temporary liquidator
Gornitzky represented I.D.B. Development in a petition for dissolution and a motion to appoint a temporary liquidator filed on June 1st, 2016, on its behalf, by the Series 9 bondholders' trustee. Following an urgent court session held on June 7, 2016 before the honorable Judge Brenner, and upon the court's recommendation, the trustee withdrew the motion to appoint a temporary liquidator. The dissolution will be discussed in a court session set foot September 2016.
Adv. Yaron Elhawi (partner), SDS liquidator, filed a motion to order the controlling shareholder and board members of SDS to bear the Company's debt in the sum of 72 Million NIS
The liquidators of SDS, Adv. Yaron Elhawi (partner) and Amir Palmer, represented by Adv. Harel Shaham (partner) and Shani Weiss from Gornitzky & Co., filed a motion to order the controlling shareholder and board members of SDS to bear the Company’s debts to its creditors in the amount of over NIS 72 million. Such debt, arose , among other things, due to the distribution of a dividend in the amount of NIS 27 million, that was made to serve the urgent liquidity needs of the controlling shareholder, in violation of the duty of care of the Company’s directors and despite the existence of reasonable doubt as to the Company's solvency, and due to amateurish and adventurous investments of tens of millions of shekels in product development and purchasing activities devoid of even elementary business logic and lacking even the most basic inquiries of the Company’s directors,who failed to take action and demonstrated complete passivity to the Company’s cash flow limitations.
Gornitzky represents Nitsba Group, in the tender for the purchase of the company's assets for approx. NIS 280 million
Gornitzky successfully represented Nitsba Holdings 1995 Ltd., the former controlling shareholder of the Tel Aviv Central Bus Station and its largest creditor (NIS 280 million), in the insolvency proceedings of the Tel Aviv Central Bus Station. As part of the insolvency proceedings, it has been argued by certain trustees that the debt to Nitsba should be subordinated), due in part to the fact that the company was operating under undercapitalization. This is a highly complicated and new legal issue and we have submitted an appeal to the District Court with regard to the decision of the Board of Trustees. Our firm represented Nitsba in a tender published by the trustees for the purchase of the company's assets, in which our client won and acquired the assets for a total of NIS 320 million. Nitsba is currently operating in order to form a creditors' arrangement for the central station.
Gornitzky represented Amot Investment in Mega Retail's Credior Arrangement
Gornitzky represented Amot Investments (TASE: AMOT) in Mega Retail's Plan of Recovery and Creditors Arrangement.
Within the framework of the Arrangement, various creditors (among them Amot) had reached an Arrangement to restructure Mega's debts, which accumulated to USD 700 million. The Arrangement was approved by the Central District Court pursuant to section 350 of the Companies Law.
Amot is the investment arm in Israel of Alony-Hetz Properties & Investments Ltd., and is a leader in the management, leasing, maintenance, and development of income generating properties in Israel.
Gornitzky represented Mr. Ziel Feldman in the Tel Aviv District Court's dismissal of a request by Bank Discount to declare Feldman bankrupt.
Gornitzky represented American real estate mogul, Mr. Ziel Feldman, in the Tel Aviv District Court's dismissal of a request by Bank Discount to declare Feldman bankrupt.
Honorable Judge Eitan Orenstein rejected and dismissed Bank Discount's request to declare Feldman bankrupt following arguments made by Gornitzky regarding the factual complexity of the dispute, and, inter alia, the disagreement over the alleged NIS 138 million debt and the questionable legality of the interest rates applied to the loan by Bank Discount.
Gornitzky & Co. represented Mr. Yitzhak Tshuva in the settlements reached with the majority of Delek Real Estate Ltd.'s bondholders regarding a NIS 2.1 billion debt restructuring.
Gornitzky & Co. represented Mr. Yitzhak Tshuva in the settlements reached with 72% of Delek Real Estate Ltd.'s bondholders regarding a NIS 2.1 billion debt restructuring.
Settlement agreements were reached between 72% of Delek Real Estate Ltd.'s bondholders and the company's controlling shareholder, Mr. Tshuva. According to the outline, the existing bonds will be nullified and replaced by two new series of bonds to be issued for a period of 16 years. Tshuva will infuse a total of NIS 1.3 billion to the new series.