The Carasso Group signed a conditional sale agreement for the purchase of car leasing and rental company “Cal Auto” which, subject to several suspensive conditions, will enter into effect. This is a strategic transaction that will expand Carasso’s car leasing and rental activities.
Cal Auto has line of credit from the banking industry, excluding the First International Bank Ltd. Cal Auto’s liabilities amount to NIS 1.45 billion, with total assets amounting to NIS 1.6 billion. As part of the transaction, Carasso assumed Cal Auto’s liabilities.
Cal Auto Group is represented by adv. Amir Bar-Tov and Ayelet Berkovich Simchovitch.
The companies Ortam Sahar Engineering Ltd, Ortam Sahar Infrastructures and Construction Ltd. and Malibu Construction Ltd. (hereinafter – “the Ortam Group”), with respect to which a creditors arrangement was authorized in 2016 by the Tel Aviv Jaffa District Court, filed a petition to commence proceeding, by way of a stay of proceedings, due to cash flow difficulties the Group experienced in the wake of the creditors arrangement. This was due to the group’s inability to take out loans in order to issue bank guarantees for the parties that commissioned the projects, to support their new activity. The president of the Tel Aviv Jaffa District Court, the Hon. Judge E. Orenstein, granted the motion and appointed the trustees for the previous arrangement as trustees for the Group companies.
The companies were represented by adv. Amir Bar-Tov and Shimrit Melman from our Firm.
Dori Construction Ltd. has filed through our Firm – adv. Amir Bar-Tov, Shimrit Melman and Liron Sapir, a motion for stay of proceedings with the Tel Aviv-Jaffa District Court, in view of the numerous legal proceedings initiated by project developers, which caused the company cash flow problems.
The motion for stay of proceedings included an offer by the controlling shareholder, Amos Luzon Development and Energy Ltd. to reach a creditors’ arrangement, to settle the company’s debts in an orderly fashion under the court’s supervision.
Our firm represented Namco Realty, which holds commercial shopping centers across the USA, in a NIS 400 million (400,000,000 NIS) bond raise on the TASE.
Our firm represented Elad Canada (owned by Mr. Yitzhak Tshuva) in a NIS 500 million (500,000,000 NIS) bond raise on the TASE.
In 2019, the firm accompanied in a groundbreaking and first-of-its-kind IPO Prospectus, when for the first time ever, a U.S. REIT with an UPREIT structure was introduced on the TASE to offer shares to the Israeli public, for which reason the REIT underwent the full listing process in Israel and not a dual listing.
Our firm represented the huge real-estate developer Westdale Properties, from Dallas, Texas, in a NIS 500 million bond raise (IPO) on the TASE, conducted by way of book building.
As in previous years, our firm has been ranked by the international ranking guide, The Legal 500, among the top Israeli law firms in the capital market and insolvency practice areas, with Adv. Israel Shimonov ranked as one of the foremost experts in capital markets.
Among other things, our firm has been described as “a real force in the capital markets space.“
We are very pleased and glad to announce that Adv. Benjamin Ben Zimra was promoted to be a Partner in our firm from January 1st 2019.
Adv. Benjamin Ben Zimra is an associate in our firm since 2014 and is specialized in foreign companies’ representation specially from the US and is a co-head of the US companies department in our firm alongside with Adv. Dudi Berland, Partner.
