Israeli court approves rescue plan for holding company IDB, wresting control of it from tycoon

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An Israeli court has approved a restructuring plan that would wrest control of the country's largest holding company from one of its most prominent businessmen.

The court decided to give ownership of debt-ridden IDB Holding Corp. to businessmen Eduardo Elsztain and Motti Ben-Moshe, ousting controlling shareholder Nochi Dankner. The court said the ruling would go into effect once the two men provide the financial details behind their rescue plan.

Speaking to reporters outside the courtroom Tuesday, Dankner indicated he would appeal the ruling, saying "the company will stay in our hands."

The decision could end a protracted fight over the company's ownership.

IDB, whose holdings include a major mobile phone carrier and a leading supermarket chain, took on millions of dollars in debts following a series of bad business deals.