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Alon Blue Square approves settlement between Mega Retail trustees,Moti Ben Moshe controlled-company

RBR Staff Writer Published 01 June 2016

Alon Blue Square Israel Ltd gives approval to the settlement agreement between the Company, the trustees of Mega Retail, and a company that are under the control of Mr. Moti Ben Moshe

The agreement generally provides for the settlement of all lawsuits and claims between Mega Retail and the Company, and the parties also agreed to certain mutual waiver of claims against each other.

The agreement is contingent upon (i) approval of the guaranteed banks, (ii) approval of the guaranteed banks to the debt arrangement in Mega Retail (based on the acquisition of Mega Retail by Bitan Wines Ltd.) and (iii) approval of court of debt arrangement of the Company and its effectiveness (which is subject to change based on the settlement agreement) and (iv) approval of the agreement by the court hearing the debt arrangement in Mega Retail.

More information on this agreement is located in the Company's quarterly earnings report submitted on Form 6-K with the Securities and Exchange Commission today, May 31, 2016.

Alon Blue Square Israel Ltd. (hereinafter: "Alon Blue Square") operates through subsidiaries.

Continued operations - its Tel Aviv Stock Exchange ("TASE") listed 53.92% subsidiary, Blue Square Real Estate Ltd., which owns, leases and develops income producing commercial properties and projects.

The others activities include the clearance of purchase coupons and operating the logistic center in Beer Tuvia. Companies designated for sale -the 63.13% held subsidiary, Dor Alon Energy in Israel (1988) Ltd, listed on the TASE, is one of the four largest fuel retail companies in Israel based on the number of petrol stations and a leader in the field of convenience stores operating a chain of 211 petrol stations and 218 convenience stores in different formats in Israel, and Na'aman Group (NV) Ltd., a 77.51% subsidiary listed on the TASE, operates specialist outlets in self-operation and franchises and offers a wide range of "Non-Food" in the houseware and textile segment.

Source: Company Press Release