TEL AVIV, Israel, Nov. 12, 2012 (GLOBE NEWSWIRE) -- Ampal-American Israel Corporation (Nasdaq: AMPL), a holding company with experience in acquiring interests in various businesses with emphasis in recent years on energy, chemical and related fields, announced today that at meeting held on November 11, 2012, with the official committee of unsecured creditors (the "Committee") in its Chapter 11 proceeding, the Company advised the Committee that the Company is prepared to file and support a Plan of Reorganization on terms previously proposed by the Committee, subject to finalization of the Plan details to be supplied by the Committee and confirmation of support from the Committee and major creditors. Under the Plan, all outstanding indebtedness, including all obligations under the Company's Series A, Series B and Series C Debentures, would be cancelled and converted to equity of the Company that will represent substantially all of the equity of the Company upon its emergence from Chapter 11. The Company intends to file the Plan in the Chapter 11 proceeding by December 6, 2012, subject to receipt of necessary information from the Committee and finalization of Plan details.
Ampal's statement to the Committee followed an announcement yesterday by Mr. Yosef Maiman, the Company's Chairman, Chief Executive Officer and a member of the controlling shareholder group, of his intention to transfer control of Ampal to the company's creditors, following almost a year of negotiations with the creditors and recent motions made by the Committee in the Chapter 11 proceedings.
Ampal and its subsidiaries acquire interests primarily in businesses located in the State of Israel or that are Israel-related. Ampal is seeking opportunistic situations in a variety of industries, with a focus on energy, chemicals and related sectors. Ampal's goal is to develop or acquire majority interests in businesses that are profitable and generate significant free cash flow that Ampal can control. For more information about Ampal please visit our web site at www.ampal.com.
Certain information in this press release includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) and information relating to Ampal that are based on the beliefs of management of Ampal as well as assumptions made by and information currently available to the management of Ampal. When used in this press release, the words "anticipate," "believe," "estimate," "expect," "intend," "plan," and similar expressions as they relate to Ampal or Ampal's management, identify forward-looking statements. Such statements reflect the current views of Ampal with respect to future events or future financial performance of Ampal, the outcome of which is subject to certain risks and other factors which could cause actual results to differ materially from those anticipated by the forward-looking statements, including among others, the economic and political conditions in Israel, the Middle East, including the situation in Iraq and Egypt, and the global business and economic conditions in the different sectors and markets where Ampal's portfolio companies operate. Should any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcome may vary from those described herein as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to Ampal or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. Please refer to the Ampal's annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of these and other risks that could cause results to differ materially. Ampal assumes no obligation to update or revise any forward-looking statements.
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