Economy

Simad Asset Sales Expected to Yield $345 Million for Creditors

Published

Courtroom-sketch editorial illustration of children in red camp outfits playing tug-of-war on a grassy summer-camp field.

Simad Holdings said sales of summer-camp assets pledged to creditors are expected to generate $345 million, 13.5% above their combined $304 million book value. The completed auction produced $321 million of expected proceeds from pledged assets valued at $282 million, while separate Achim and Chen-a-Wanda camp sales add $24 million. The transactions still require New Jersey court approval and binding agreements, with completion expected in September. Simad raised NIS 620 million from Israeli bondholders before its collapse, and the above-book bids have increased prospects of full principal repayment plus overdue interest.

Sources

Secondary sources:1

Related stories

  1. Israel’s 12-Month Fiscal Deficit Narrows to 3.2% of GDP in August
  2. Israel's 10-Year Defense Buildup Plan Rises to Nearly NIS 400 Billion
  3. Israel's 12-Month Deficit Reaches 3.3% of GDP Through July
  4. Israeli Economy Shows Resilience as Security Risks Persist, Moody's Says
  5. Bank of Israel Draft Eases Crypto-Fund Deposits at Banks

Something went wrong

We couldn't complete that action. Check your connection and try again.