JERUSALEM (Reuters) - An investment group led by mobile technology firm Emblaze
Emblaze, controlled by Ukrainian businessman Alexander Granovsky, along with IDB Chairman Nochi Dankner and two other investors would inject 1.55 billion shekels ($438 million) into IDB - 900 million of which would be paid at the closing, IDB said in a statement on Sunday.
The group also offered to inject 1.17 billion shekels for a 67 percent stake in IDB Development, which is a unit of IDB Holding Corp
IDB Holding bondholders would receive 350 million shekels if the group buys all of IDB Development.
The proposals "offer a comprehensive and optimal solution to debt holders, which maximises the return to debt holders while strengthening IDB Development," IDB said.
An Israel court had given IDB Holding until Sunday to submit a debt settlement as Danker fights to keep control of the company and prevent a takeover by bondholders.
Many of the companies IDB owns have been hit by slowing economic growth and increased competition. IDB Holding owes bondholders 2 billion shekels and IDB Development owes a further 5.8 billion shekels.
Bondholders of both companies have proposed a debt restructuring that would oust Dankner and give them full control of a combined company.
IDB controls Cellcom
($1 = 3.5355 Israeli shekels)(Reporting by Steven Scheer)