Further re Agreements
12 2월 2007 - 4:00PM
UK Regulatory
RNS Number:0670R
Kidron Industrial Holdings Ld
11 February 2007
Kidron Industrial Holdings Ltd.
(Former name - Technoplast Industries Ltd.)
Attention: Attention:
Israel Securities Authority The Tel-Aviv Stock Exchange
http://www.isa.gov.il/ http://www.tase.co.il/
Re: Kidron Industrial Holdings Ltd. - Immediate Report
In accordance with Regulation 36(A) of the Securities Regulations (Periodic and
Immediate Reports) 5730-1970
Further to the immediate report of February 5, 2007, Kidron Industrial Holdings
Ltd. (formerly Technoplast Industries Ltd., hereinafter, "Kidron Industrial
Holdings") hereby provides notice of the following:
1. Pursuant to the agreement of November 11, 2004 and the addendum to the
agreement dated February 22, 2006, by and between Kidron Plastics
Distribution Ltd. (hereinafter: "Plastic Distribution"), a subsidiary that
is wholly owned by Kidron Industrial Holdings, and the First International
Bank of Israel Ltd. (hereinafter: "International Bank"), the International
Bank provided Plastic Distribution with credit. The credit is secured by
means of an ongoing lien in favor of the International Bank (hereinafter:
the "Agreement").
2. In light of the difficult financial situation of Kidron Industrial Holdings
and Plastic Distribution, as well as the lack of resources for the regular
payment of their obligations, including Plastic Distribution's obligations
to the International Bank, on February 7, 2007, representatives of Kidron
Industrial Holdings met with the International Bank. During such meeting,
the International Bank was notified of the state of affairs and functioning
of Kidron Industrial Holdings and Plastic Distribution, as well as the
possibility of taking measures to obtain an order for stay of proceedings.
3. In light of the aforementioned meeting, in the afternoon hours of February 7,
2007, Plastic Distribution received a letter from the International Bank in
which it was requested to comply with the provisions of the Agreement. (The
letter further stated that) in view of the current state of affairs of
Kidron Industrial Holdings and Plastic Distribution, and the implications
thereof on the secured assets of the International Bank, and in accordance
with the provisions of the Agreement, the International Bank has grounds to
demand the immediate payment of Plastic Distribution's debts and
obligations. The International Bank stated, in its letter, that it would
take immediate action to enforce its rights.
4. In addition to the aforementioned letter that was sent to Plastic
Distribution on February 7, 2007, the International Bank send a letter to
Mr. Michael Zuz, the controlling shareholder of the Corporation and the
guarantor for Plastic Distribution's debts, in which it demanded the
immediate payment of Plastic Distribution's debts within 15 days from the
date of the letter. Alternatively, the International Bank demanded that it
be presented with a repayment plan for such debt within the same period of
time.
5. In addition, on February 7, 2007, Plastic Distribution received a letter from
the Union Bank of Israel Ltd. (hereinafter: "Union Bank"), which stated that
Plastic Distribution's remaining debt to Union Bank as of February 6, 2007
amounted to NIS 3,413, and that additional debts remained for shekel loans
that were provided to Plastic Distribution on August 4, 2004, in the
aggregate amount of NIS 3,941,661 (hereinafter: the "Loan Agreement"). In
light of the foregoing, and in accordance with the Loan Agreement and the
Corporation's credit terms with Union Bank, Union Bank has grounds to demand
the immediate payment of Plastic Distribution's debts and obligations,
within three days of the posting of such letter.
6. As of this immediate report, Plastic Distribution's remaining debts and
obligations towards the International Bank amount to approximately NIS 5.5
million, and its remaining debts and obligations to Union Bank amount to
approximately NIS 4 million. Kidron Industrial Holdings estimates that
Plastic Distribution will be unable to fulfill its obligations toward the
International Bank and Union Bank pursuant the Agreement and the Loan
Agreement, respectively, and will be unable to provide immediate repayment
of the debt.
Sincerely,
Kidron Industrial Holdings Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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