Former IDB chairman Nochi Dankner has been officially declared bankrupt, according to Israeli business daily Globes. He will now enter negotiations to reach a debt settlement. So far he has repaid about 110 million shekels of his debts.
Former IDB Group controlling owner Nochi Dankner has been officially declared bankrupt by the Tel Aviv Magistrate's Court, Globes reports Thursday morning. This follows his decision earlier this week to drop his opposition to insolvency proceedings brought by four major banks over a debt of approximately 550 million shekels. As The Zioneer reported, Dankner's agreement to the bankruptcy declaration cleared the way for the court to proceed.
Dankner, once one of Israel's most prominent businessmen and the head of the largest corporate conglomerate in the country, has to date repaid about 110 million shekels. He now expects to enter negotiations with creditors to arrange a comprehensive debt settlement.
The bankruptcy caps a long fall from a position of immense economic influence, following a criminal conviction and the collapse of the IDB Group.
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