BLZ Emblaze LD (DI)

 
TIDMBSD 
 
BSD Crown Ltd. (LSE: BSD) 
 
                                (the "Company") 
 
                                Company Update 
 
Ramat Gan, 5 November 2015 
 
Re: Cancellation of the Court Hearing Regarding the Liquidation Motions and the 
       Motion for the Appointment of Temporary Receivers over Israel 18 
 
Further to the Company's announcements dated 20 October, 2015 and 21 October, 
2015 (available on bsd-c.com) and based on information received by the Company 
from Israel 18 B.V. ("Israel 18"), the Company's controlling shareholder, the 
Company hereby announces that Israel 18 has (i) fulfilled all of its 
obligations and (ii) paid, on 29 October, 2015, all of the amounts outstanding 
as at the date of the hearing of the District Court of Haifa (the "Court") 
(being 20 October, 2015), in each case with respect to the agreements Israel 18 
had previously entered into with each of Fortissimo Capital Management Ltd. ( 
"Fortissimo"), S.G Textile Holdings Ltd. ("S.G") and Z. Barinboim Holdings Ltd. 
("Barinboim"; Fortissimo, S.G. and Barinboim together shall be referred to as 
the "Applicants"). 
 
As a result of the above actions on the part of Israel 18, the Applicants and 
Israel 18 yesterday submitted agreed motions to the Court, in light of which 
the Court has cancelled the hearing scheduled to take place today regarding the 
liquidation motions and the motion for the appointment of temporary receivers 
over Israel 18, together with making the following decisions: (1) with respect 
to Fortissimo: (a) Fortissimo's request for the appointment of a temporary 
receiver over Israel 18 has been annulled; and (b) Fortissimo is required to 
inform the Court within 30 days if it maintains its liquidation motion; (2) 
with respect to S.G and Barinboim: (a) the Court approved the settlement 
agreement submitted by Israel 18, S.G. and Barinboim and validated it as a 
decision; and (b) S.G and Barinboim are required to inform the Court by 20 
November, 2015 if the aforesaid understandings have been effectively executed 
and if there is a need for a hearing for the motion of the appointment of a 
temporary receiver over Israel 18 or whether it can be annulled and similarly 
whether the liquidation motion can be annulled. 
 
Enquiries: 
 
Emil Budilovsky, Joint CEO, CFO and Company Secretary; Emil@bsd-c.com 
 
 
 
END 
 

(END) Dow Jones Newswires

November 05, 2015 04:26 ET (09:26 GMT)

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