Supermarket mogul poised to become new owner of Israir Airlines

Supermarket tycoon Rami Levy was set to become the new owner of Israir after his proposal to buy the airline was approved Tuesday by bondholders. Levy made the proposal through BGI Investments, which he controls along with food mogul Shalom Haim. The offer received initial backing earlier this month from the trustee overseeing the sale of Israir on behalf of bondholders for IDB Development Corp., a holding company that a judge declared insolvent in September and ordered liquidated. Under the proposal, BGI will pay NIS 162m ($50.4m) for a 51% stake in Israir. Levy, who will inject funds into the airline, will get a 24% stake and the bondholders 25%. At a later stage Levy’s and the bondholders’ shares will go to BGI. The proposal to purchase Israir still requires court approval. Levy is the owner of the eponymous supermarket chain and Haim is the controlling shareholder of Taaman Food Marketing. The winning offer beat out competing proposals from businessmen Yigal Dimri and Moti Ben-Moshe. An Israeli businessman based in the United Arab Emirates also offered to buy the firm.<br/>