Simad Asset Sales Expected to Yield $345 Million for Creditors

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.