IN BRIEF : Israeli Court Delays Koor Hearing
An Israeli court today postponed a lawsuit by New York’s Bankers Trust Co. to break up troubled Koor Industries, Israel’s largest industrial concern, over a $20-million debt.
The Tel Aviv district judge rejected Koor’s request to have the suit dismissed but agreed to delay the hearing for five weeks. He ruled that Koor be allowed to continue normal operations until the next court session, set for Jan. 22.
The decision had the effect of reopening vital credit lines from local banks, closed under Israeli corporate law since Bankers Trust filed the suit on Oct. 9.
The Koor conglomerate, owned by the Histadrut labor federation, employs 27,000 people in more than 100 subsidiaries that make a wide range of industrial and consumer goods, including electrical and food products.
Koor, which reported a record loss for 1987 of $250 million, owes foreign banks $405 million.
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