On Wednesday, Ampal-American Israel Corporation voluntarily filed for chapter 11 protection in the Southern District of New York bankruptcy court. According to court filings, the company (a New York corporation formed in 1942) “is a holding company with experience in acquiring interests in various businesses, focusing in recent years on the energy, chemical and related sectors.” The company’s strategy is “to invest opportunistically in undervalued assets” and its principal assets are the “stock of certain subsidiaries, none of which is a debtor.” Ampal’s investment holdings include:
- 100% the stock of Ampal Energy, Ltd.
- 100% of the stock of Merhav-Ampal Group, Ltd. (through Ampal Energy)
- 99% of the stock of Gadot Chemical Tankers and Terminals Ltd. (through Merhav-Ampal Group)
- 16.8% of the shares of East Mediterranean Gas Company, S.A.E. (through Merhav-Ampal Group)
- 50% of the stock of Global Wind Energy, Ltd.
- 37% of the stock of Bay Heart Ltd.
- 51% of the stock of Country Club Kfar Saba Ltd.
The declaration of Ampal-American Israel Corporation’s Chief Financial Officer, Senior Vice President – Finance and Treasurer, and Director, Irit Eluz, is embedded below. It provides more detail regarding the company’s capital structure, operations and bankruptcy filing.