Sunrise Fails to Make Payments on Better Place Buyout Deal
Sunrise Ltd, lead by Yosef Abramowitz, had been approved to buy Better Place few weeks ago, but the transaction seems to be far from finalization.
According to a Globes article from the end of July, Better Place buyers failed to meet payments (18 million shekels or around $4.9 million US dollars) nor have the buyers completed due diligence of the company:
“Three weeks after the court approved the sale of the activities and assets of the Israeli and Swiss units of Better Place Inc. to Sunrise Ltd., the company is not meeting its payments. At today’s hearing at the Lod District Court, it was disclosed that Sunrise, headed by Yosef Abramowitz, Henry Shiner, and the Association for the Promotion of the Electric Car in Israel, has not yet raised the money to meet the payments for Better Place, nor has it completed due diligence of the company.”
A little further down the Globes article, we see that Sunrise promised to pay a small part:
“Sunrise executive Shiner has promised to pay NIS 2 million to Better Place’s liquidation account on Monday in order to close the deal. The payment, ordered by the court, will cover Better Place Israel’s salaries and rent.”
Who knows how this saga will end and is there really a Sunrise for Better Place?