20th Oct 2015 08:53
LONDON (Alliance News) - BSD Crown Ltd said Tuesday it has received a notice from its ultimate controlling shareholder, Israel I8 BV, that an urgent motion has been filed in the District Court of Haifa for the liquidation and appointment of temporary liquidators for Israel 18.
This motion, filed by Fortissimo Capital Management Ltd, SG Textile Holdings Ltd, and Z Birinboim Holdings Ltd, is based on a claim that Israel 18 has failed to comply with its debt obligations to these companies. A hearing to determine the status of the parties is scheduled for Tuesday.
Israel 18 has told BSD Crown it challenges the applications submitted against it, and plans to fulfil its full debt obligations owed to the companies.
Shares in BSD Crown were down 1.4% at 17.25 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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