TEL AVIV, Israel, Dec. 25, 2012 (GLOBE NEWSWIRE) -- Ampal-American Israel Corporation (Nasdaq: AMPL), a holdingcompany with experience in acquiring interests in variousbusinesses with emphasis in recent years on energy, chemical andrelated fields, announced today that the Tel Aviv District Court inIsrael appointed today a receiver for Gadot Chemical Tankers andTerminals Ltd. ("Gadot") shares as requested by Israel DiscountBank Ltd. ("IDB"), as part of IDB's motion to enforce IDB's lienand foreclose on all the outstanding shares of Gadot, an Israeliwholly owned indirect subsidiary of Ampal.
IDB obtained the lien on the Gadot shares in connection with aloan made pursuant to a Letter of Undertaking dated December 3,2007, as amended (the "Loan"). The proceeds of the Loan wereused for the acquisition of Gadot. Ampal had previouslydisclosed on November 14, 2012 and November 22, 2012 that IDB hadaccelerated the Loan, made a demand for immediate repayment and wasseeking to foreclose on the shares of Gadot.
Ampal and its subsidiaries acquire interests primarily inbusinesses located in the State of Israel or that areIsrael-related. Ampal is seeking opportunistic situations in avariety of industries, with a focus on energy, chemicals andrelated sectors. Ampal's goal is to develop or acquire majorityinterests in businesses that are profitable and generatesignificant free cash flow that Ampal can control. Ampal filed avoluntary petition for Chapter 11 reorganization in the U.S.Bankruptcy Court for the Southern District of New York on August29, 2012. For more information about Ampal please visit ourweb site at www.ampal.com.
Safe Harbor Statement
Certain information in this press releaseincludes forward-looking statements (within the meaning of Section27A of the Securities Act of 1933 and Section 21E of the SecuritiesExchange Act of 1934) and information relating to Ampal that arebased on the beliefs of management of Ampal as well as assumptionsmade by and information currently available to the management ofAmpal. When used in this press release, the words "anticipate,""believe," "estimate," "expect," "intend," "plan," and similarexpressions as they relate to Ampal or Ampal's management, identifyforward-looking statements. Such statements reflect the currentviews of Ampal with respect to future events or future financialperformance of Ampal, the outcome of which is subject to certainrisks and other factors which could cause actual results to differmaterially from those anticipated by the forward-lookingstatements, including among others, the economic and politicalconditions in Israel, the Middle East, including the situation inIraq and Egypt, and the global business and economic conditions inthe different sectors and markets where Ampal's portfolio companiesoperate. Should any of these risks or uncertainties materialize, orshould underlying assumptions prove incorrect, actual results oroutcome may vary from those described herein as anticipated,believed, estimated, expected, intended or planned. Subsequentwritten and oral forward-looking statements attributable to Ampalor persons acting on its behalf are expressly qualified in theirentirety by the cautionary statements in this paragraph. Pleaserefer to Ampal's annual, quarterly and periodic reports on filewith the SEC for a more detailed discussion of these and otherrisks that could cause results to differ materially. Ampal assumesno obligation to update or revise any forward-lookingstatements.
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Source:Ampal-American Israel Corporation