Alon Blue Square (BSIRY) Receives Final Court Approval for Debt Arrangement
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Alon Blue Square Israel Ltd. (OTC: BSIRY) announced that on August 28, 2016, the District Court in Lod, Israel gave its final approval for the proposed debt arrangement between the Company and its financial creditors and shareholders under Section 350 of the Israeli Companies Law, 5759-1999, as revised per our announcement on August 10, 2016.
In accordance with the District Court's final approval, the aggregate sum payable to the Company's minority shareholders upon closing will be NIS 6,328,500. The total amount of reward and/or legal fees payable to the representatives of the minority shareholders in court who submitted the class action and the opposition on behalf of the minority shareholders, and legal expenses for two minority shareholders who opposed the debt arrangement, will be NIS 546,500.
The Company will provide an updated timeline for closing accordingly.
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