Israir bidders submit final offers ahead of bondholder vote

All three bidders for the Israeli leisure airline Israir have submitted final offers for the carrier, with bondholders set to vote on the proposals on Tuesday. The three bidders – BGI Investments, Dor Alon Energy and YH Dimri – had been told to put forward final offers by Monday, after days of manoevring and squabbling as the suitors tweaked their proposals after the set deadlines. Israir’s sale trustee has detailed the competing bids. BGI has put forward an updated offer to purchase Israir for about 162m shekels ($50m) plus the waiver of a $5m loan. The investor YH Dimri is offering to acquire 83% of Israir for 140.4m shekels, while the other 17% would be held by the sale trustee in trust for the bondholders. Within 18 months of the transaction Israir shares will be listed on the Tel Aviv stock exchange. Dor Alon has submitted a proposal as a “precautionary” measure, it says, in case an appeal it filed on a court decision earlier in the bidding process earlier in the bidding process is not accepted.<br/>