Ampal-American Israel Corporation AMPL announced yesterday, following its previous announcements dated December 19, 2011 and January 18, 2012, that its Board of Directors decided today as follows:
In accordance with the layout outlined by the Company in a meeting of the holders of the Series A, Series B and Series C Debentures held on January 1, 2012, the Company, at this point, will postpone making the principal payments currently coming due on the Debentures, but continue making interest payments as scheduled; and
During the negotiations between the Company and the elected Debenture holders' committees, the Company will continue to make the interest payments due on the Debentures and will not seek release of funds held by the Debentures' trustees for such payments. The Board noted however, that in any final agreement between the Debenture holders and the Company, the release of such funds held by the trustees will be necessary for the Company to meet its future cash flow projections.
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