Home / Daily Briefs / 2020 / 29 / IRSA Israeli asset declared bankrupt

IRSA Israeli asset declared bankrupt

IRSA Israeli asset declared bankrupt

September 29, 2020 | Charles Newbery
Argentine real estate developer suffers another blow from the COVID-19 pandemic

Bonds Debt Fixed Income Argentina Middle East United States Coronavirus

Argentine real estate developer IRSA Inversiones y Representaciones said that its Israeli subsidiary IDB Development (IDBD) has been declared bankrupt after failing to reach agreements with creditors on restructuring ILS2.04 billion ($589 million) in three series of bonds. IDBD was negotiating with creditors to restructure its financial debt "on more favorable terms," but when no agreements were reached earlier this month, bond trustees took action against IDBD, such as by asking for immediate r

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