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Stock Market & Financial Investment News

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December 26, 2012
05:23 EDTAMPLTel Aviv District Court appoints a receiver on Gadot share
Ampal-American Israel announced that the Tel Aviv District Court in Israel appointed a receiver for Gadot Chemical Tankers and Terminals shares as requested by Israel Discount Bank, as part of IDB's motion to enforce IDB's lien and foreclose on all the outstanding shares of Gadot, an Israeli wholly owned indirect subsidiary of Ampal. IDB obtained the lien on the Gadot shares in connection with a loan made pursuant to a Letter of Undertaking dated December 3, 2007, as amended. The proceeds of the Loan were used for the acquisition of Gadot. Ampal had previously disclosed on November 14 and November 22 that IDB had accelerated the Loan, made a demand for immediate repayment and was seeking to foreclose on the shares of Gadot.
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