some infp11 Apr 2010 19:39
Bankruptcies judge Varda Alshech yesterday hinted that she'll be rejecting the motion of Lagna Holdings' bondholders to issue a stay of proceedings against the company. Lagna controls the real estate company Engel Europe, which controls Engel resources, and is itself controlled by Shaya Boymelgreen's company Azorim. The Lagna group's main assets is various properties around eastern Europe. Lagna owes its bondholders NIS 750 million, and all told, owes creditors about NIS 2 billion, apparently. It appears that Bank Hapoalim, which is owed NIS 230 million, and Bank Leumi, which is owed NIS 170 million, oppose allowing the legal proceedings against Lagna to be halted. Not looking good here