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Ampal Judge Rejects CRO Deal, Wants Trustee Appointed

Law360, New York (April 8, 2013, 4:08 PM EDT) -- A New York bankruptcy judge on Friday rejected a deal that would have allowed Ampal-American Israel Corp. creditors to select a chief restructuring officer and new directors, opting instead to order the appointment of a Chapter 11 trustee to the bankruptcy proceedings.

U.S. Bankruptcy Judge Stuart M. Bernstein said in his opinion that he could not approve the deal because it would have changed the landscape of the energy investment company’s corporate governance without the consent of its majority shareholder and CEO, Yosef Maiman, and that...
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