Simad's Israeli bondholders expect to recover their money
Simad Holdings, a company that collapsed following embezzlement allegations, has successfully auctioned its US summer camp assets. The proceeds are expected to allow the company to repay its Israeli bondholders in full, including interest.
Is the end in sight for the affair of the collapse of US summer camps company Simad Holdings (TASE: SIMD)? A little over two months since the affair of alleged embezzlement of the money invested by bondholders in Tel Aviv (a debt of NIS 620 million), Simad Holdings reports that it has completed an auction of the assets mortgaged to the Israeli bondholders, at prices above book value.
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