On November 15, Bankruptcy and Corporate Restructuring co-chair Alex Spizz was featured in a Law360 article, "$150M Ch. 7 Deal To Free Ampal From Egypt Gas Row OK'd,” on his recent agreement to settle ongoing international arbitration proceedings involving Ampal-American Israel Corporation, a holding company that primarily acquires interests in Israel-related businesses and owns shares in the East Mediterranean Gas Company (EMG) and the Egyptian Government.
Alex, as Ampal’s bankruptcy chapter 7 trustee, received permission from a New York bankruptcy judge to enter into a deal that will allow it to settle the arbitration proceedings involving Egypt and two state-owned oil and gas companies, giving a boost of approximately $150 million to its Chapter 7 estate. In approving the settlement, the court included a provision in the order permitting Alex to continue negotiating with other parties interested in purchasing Ampal’s EMG shares. Read the full article.
|Spizz, Alex Partner and Co-Chair of Bankruptcy and Corporate Restructuring Practice||Partner and Co-Chair of Bankruptcy and Corporate Restructuring Practice||212.216.1155|