Alon Blue Square shareholder OKs plan changes; court hearing up next

By Caroline Salls

Pittsburgh, Aug. 23 – Alon Blue Square Israel Ltd. controlling shareholder Alon Israel Oil Co. Ltd. (Alon Oil) approved proposed amendments to the company’s debt arrangement, despite the rejection of the amendments by the holders of Alon Oil’s series A debentures, according to a 6-K filed Tuesday with the Securities and Exchange Commission.

As a result, the approval of the holders of its series A debentures for Alon Blue Square’s proposed debt arrangement is not required.

The company said it is now waiting for final approval of the proposed debt arrangement by the District Court in Lod, Israel. If the court approves the debt arrangement on Aug. 24, Alon Blue Square said the debt arrangement will close on Aug. 31.

Upon closing, a private company controlled by Moti Ben-Moshe will pay Alon Blue Square’s minority shareholders NIS 6.88 million, minus any reward and/or legal fees for representatives of the minority shareholders in court who submitted a class action.

In addition, the company said the shares held by its controlling shareholders at closing will be transferred to the purchaser along with acquired assets in exchange for an NIS 113.38 million payment.

Following closing, the purchaser will be the sole holder of all Alon Blue Square’s outstanding shares, and the company will become a privately held company.

Based in Rosh Ha’Ayin, Israel, Alon Blue Square owns and operates supermarkets and specialty stores.

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