Dankner Gave Banks Personal Guarantee on Loans to Tomahawk, Ganden

Banks that are providing financing to Tomahawk, Nochi Dankner’s private investment company, hold personal collateral from him that cover significant part of firm’s NIS 400 million in debt.

Sivan Aizescu
Sivan Aizescu
Sivan Aizescu
Sivan Aizescu

The banks that are providing financing to Tomahawk, Nochi Dankner’s private investment company, hold personal collateral from him that cover a significant part of the firm’s approximately NIS 400 million in debt.

That means this is a scenario where Tomahawk − which holds the shares in Ganden Holdings, which in turns controls IDB group − were to fail to repay the debt, the banks would be entitled to open a legal process to seize Dankner’s personal assets. Dankner not only guaranteed Tomahawk’s debt, but also part of Ganden’s obligations, which amount to about NIS 500 million.

A spokesman for IDB could not provide an immediate comment, saying that Dankner is in Argentina. Dankner is counting on further installments of a cash injection that Argentine tycoon Eduardo Elsztain has promised him in exchange for a stake in Ganden.

The bank that has the biggest loan exposure to Tomahawk is Bank Hapoalim,, which lent it between NIS 200 million and NIS 250 million. Behind Hapoalim is Israel Discount Bank, which is owed some NIS 100 million and Credit Suisse, which has NIS 50 million in loans outstanding. Mizrahi-Tefahot Bank has another NIS 30 million.

Of those four banks, Hapoalim and Mizrahi-Tefahot hold personal guarantees from Dankner. It is not known what kind of collateral Credit Suisse has.

Banking industry sources do not deny that Tomahawk’s assets are insufficient to repay all the debt it has, but they stressed yesterday that the company has been meeting its repayment schedule and that there is no reason to consider any legal action to seize Dankner’s personal assets.

In addition, some of the bankers who spoke to TheMarker said that beginning legal action against Dankner or asking a court to declare him bankrupt would jeopardize the chances of his raising capital for his debt-ridden IDB group. Therefore, the banks would only take that route if they decide that Dankner’s ability to raise capital from outside investors is no longer feasible.

Along with the Tomahawk guarantees, Dankner also did the same for loans that Leumi and Mizrahi-Tefahot gave to Ganden. Over the weekend, when it said it had ended talks over forgiving some of Dankner’s Ganden debt, Leumi declared that it intends “to act on all the options available to it to collect the debt.”

In a scenario where Leumi does turn to the courts to appoint a receiver for Ganden, Dankner’s personal guarantees are likely to go into force. If Leumi were to act on its Ganden debt, it would likely force the banks that are owed money from Tomahawk to follow suit even though for now they have a business logic not to pursue him. Otherwise they risk losing a chance to get control of their share of Dankner’s personal assets.

As of today, the extent of Dankner’s personal assets are not known, beyond his residence in Herzliya Pituach that is valued at somewhere between NIS 35 million and NIS 40 million.

Nochi Dankner in front of his Herzliya Pituah home.Credit: Channel Two

Click the alert icon to follow topics:



Automatic approval of subscriber comments.

Subscribe today and save 40%

Already signed up? LOG IN


Crowds at Israel's Ben-Gurion International Airport, in April.

U.S. Official: West Bank Entry for Palestinian Americans Unrelated to Israeli Visa Waivers

Haaretz spoke with several people who said they had fled Ukraine, arrived in Israel,  and were asked to undergo DNA tests in order to establish paternity.

'My Jewish Grandmother Has a Number on Her Arm, Why Does Israel Greet Me This Way?'

FILE PHOTO: A Star of David hangs from a fence outside the dormant landmark Tree of Life synagogue in Pittsburgh's Squirrel Hill neighborhood in 2021.

American Judaism Is in Decline. That's Great News for American Jews

People taking part in the annual "March of the Living" to commemorate the Holocaust, between the former death camps of Auschwitz and Birkenau in Oswiecim, Poland, four years ago.

It’s Not Just the Holocaust. Israel Is Failing to Teach the History of the Jews

 A Jewish cemetery in Warsaw, Poland.

Israel and Poland Fight Over History, Truth - and Israeli Students

A collage of the Bentwich family throughout the generations.

Unique Burial Plot in Jerusalem Tells Story of Extraordinary Jewish Dynasty