The series 9 bondholders unanimously approved the sale of one of IDB Development's two main assets, its stake in the Tivoli Village project in Las Vegas.
Court approves sale of Israir to Rami Levy
The Tel Aviv District Court this morning approved the sale of the Israeli airline to BGI, controlled by Rami Levy and Shalom Haim.
The Tel Aviv District Court this morning approved the sale of Israir Airlines and Tourism Ltd. to BGI Investments (1961) Ltd. (TASE: BGI), controlled by Rami Levy and Shalom Haim.
At the hearing the IDB Development appointed trustee Adv. Ophir Naor, who had recommended to the court the bid of BGI, one of three bids in the public auction, said, We have been through an intensive sales process with a company that is in a crisis that is not simple in the crazy Covid-19 era. I was privileged to get to know a very special management and employees. We will transfer the company in an organized fashion into good hands and I am sure they will worry about the future of its employees.
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Levy and Haim are gaining control of an airline hit hard by the restrictions on global travel due to the coronavirus epidemic. Nevertheless, the two see room for synergies between air travel and supermarkets once global aviation recovers.
The outlines of the synergy strategy were revealed Monday when Rami Levy’s eponymous, publicly traded supermarket company said it had been given an option to buy a 24% stake in Israir in the next 90 days for 39 million shekels in cash – the same valuation as Israir is being acquired now – as well as an option to establish a loyalty program with Israir similar to rival El Al’s Fly Card.