Scorpio Real Estate added that it will continue to try to sell properties to generate cash.
Benny Steinmetz's Scorpio Real Estate Ltd. (TASE: SCRP.B1) has notified the Tel Aviv Stock Exchange (TASE) that it will open negotiations on a debt settlement with its bondholders. The company's board of directors made the decision on Thursday.
Scorpio will seek a deal to reschedule principal and interest payments on its bonds if its attempts to generate cash flow and financing sources in 2009 fail in whole or in part, in view of the conditions in the markets where the company operates. The company added that it will continue to try to sell properties in order to generate cash flow.
Published by Globes [online], Israel business news - www.globes-online.com - on November 1, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009