Visualization - Hanan Mor's project in the southern foyers in Haifa/Shurtz at Sanosuf Architects
As part of the company's efforts to reach a debt settlement with its creditors: the Hanan Mor Group announces today (Thursday) that the court has approved the sale of the land owned by its subsidiary group in the Naut Peres neighborhood in Haifa - to the "Shatit" group for the amount of NIS 175 million.
This is about 22 dunams of land, which is located after receiving an excavation and landfill permit, in preparation for the construction of a 419-apartment project, of which 249 apartments are priced per resident.
In part of a project for 4 lots on which a total of 839 apartments are planned. The cost of the property in the company's financial statements was NIS 262 million, as of September 30, 2023, and the debt fund to the lending banks was NIS 166 million in total.
Hanan Mor was represented in the transaction by lawyers Ronan Maor and Noi Panhassi from the Piron law firm.
Shettit was represented by lawyer Ofer Graor from the office of Atias Graor Vyshinsky Inbar.
Hanan Mor in debt reduction procedure
The Hanan Mor Group, as I recall, is in a delay of proceedings according to the decision of the District Court in Tel Aviv, after the group accumulated huge debts amounting to approximately NIS 2.7 billion, of which approximately NIS 1.3 billion is for the land the group purchased in Sde Dov in Tel Aviv for the purpose of establishing a luxury project.
Therefore, these days, Hanan Mor is in the process of forming a debt settlement under the management of the special manager Dodo Zevida.
At the beginning of November 2023, Bank Leumi submitted a request for receivership against Hanan Mor, among other things, due to the land in Haifa, the purchase of which was financed by Leumi and several other entities.
Moore was supposed to repay the credit of NIS 90 million to Leumi for the land in Haifa at the end of April 2023, and this credit was extended 3 times, but Moore did not meet the obligations he gave.
Later that month, the company submitted to the court a request for a stay of proceedings order, and revealed that its total debts amount to NIS 2.7 billion.
Hanan Mor/Niv Aharonson
At the beginning of the week, the District Court in Tel Aviv announced that it granted Hanan Mor's request and extended the order to stay proceedings against the Hanan Mor group until January 31. This is a request submitted on January 11 on behalf of Mor and eight subsidiaries through the commissioner for the arrangement with Hanan Mor's creditors in Sde Dov, Ehud Gindes. This is a second extension after the court already extended the deadline at the end of December, until January 11.
Hanan Mor's creditors mainly include the consortium led by Discount Bank, regarding the land in Sde Dov, to which Mor owes NIS 1.3 billion and also includes Leumi, Fenix and Meitav. Regarding other Moore projects, the creditors include, among others, Leumi, Mizrahi-Tefahot and Realty Fund as well as bond holders.
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