Ampal-American debenture holders take acceleration proposal off agenda

By Caroline Salls

Pittsburgh, May 15 - Ampal-American Israel Corp.'s series A and series C debenture holders have decided to remove a proposed resolution to accelerate and set to repayment the entire outstanding amount due under the debentures from a meeting agenda, according to a news release.

Following the May 2 meeting and in an effort to continue negotiations related to the restructuring of Ampal's debentures, the company said it informed the debenture trustee of its intent to make the interest payment due on June 3.

The company said it also intended to deposit with the series C debenture trustee the amount of interest paid to the series C debenture holders out of funds held in deposit on March 29.

Ampal said its payment of the interest and deposit with the trustee was subject to the removal of the acceleration resolution from the debenture holders' meeting agenda.

Ampal-American Israel is a Tel Aviv-based holding company.

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