Tag: Africa-Israel Investments


Professor Bebchuk Intervenes in Israel’s Largest Reorganization

At the request of one of Israel’s largest institutional investors, Professor Lucian Bebchuk submitted a report on whether the reorganization proposal of Africa-Israel Investments Ltd. would adequately protect the interests and contractual rights of public bondholders. Africa-Israel Investment Ltd., a conglomerate with business operations around the world (including the US where one of its subsidiaries owns the New York Times building), is the largest business firm to have undergone a reorganization process in Israel’s history. Given the importance of the reorganization of Africa-Israel Investments for investors, and the possibility that this reorganization might affect the structure of other reorganizations of financially distressed firms in Israel, Bebchuk carried out his review and analysis on a pro bono basis. Bebchuk’s report concluded that the proposal made by the company failed to provide adequate protection for the bondholders’ rights and interests and discussed ways in which the plan should be revised to provide bondholders with adequate protection.

Bebchuk’s report is available here. An article focusing on the report published by Haaretz, one of Israel’s main newspapers, is available here (in Hebrew).

  • Subscribe

  • Cosponsored By:

  • Supported By:

  • Programs Faculty & Senior Fellows

    Lucian Bebchuk
    Alon Brav
    Robert Charles Clark
    John Coates
    Alma Cohen
    Stephen M. Davis
    Allen Ferrell
    Jesse Fried
    Oliver Hart
    Ben W. Heineman, Jr.
    Scott Hirst
    Howell Jackson
    Robert J. Jackson, Jr.
    Wei Jiang
    Reinier Kraakman
    Robert Pozen
    Mark Ramseyer
    Mark Roe
    Robert Sitkoff
    Holger Spamann
    Guhan Subramanian

  • Program on Corporate Governance Advisory Board

    William Ackman
    Peter Atkins
    Joseph Bachelder
    John Bader
    Allison Bennington
    Richard Breeden
    Daniel Burch
    Richard Climan
    Jesse Cohn
    Isaac Corré
    Scott Davis
    John Finley
    Daniel Fischel
    Stephen Fraidin
    Byron Georgiou
    Larry Hamdan
    Carl Icahn
    David Millstone
    Theodore Mirvis
    James Morphy
    Toby Myerson
    Barry Rosenstein
    Paul Rowe
    Rodman Ward