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Court Backs Israeli Bondholders as Urbancorp Restructures Debt

  • Tel Aviv judge seeks arrangement for company's creditors
  • Toronto developer plans asset sale months after debt issue

A Tel Aviv court ruled in favor of Urbancorp Inc.’s Israeli bondholders after the Canadian residential developer filed for a debt restructuring.

Tel Aviv District Court Judge Eitan Orenstein late on Monday named attorney Guy Gissin an officer of the court with the power to seize any of Urbancorp’s assets and seek all information about the company’s operations and its controlling shareholder Alan Saskin, according to an e-mailed court filing. The court authorized Gissin to formulate a first draft for creditors’ settlement, according to the filing. Gissin will need to present his first report by May 8 with a hearing scheduled for May 22.