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Africa-Israel: No deal, no payment

22 Feb, 2010 13:42
שלח תגובה במיילYael Gruntman

The firm won't pay principal or interest before a debt deal is signed.

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) today notified the Tel Aviv Stock Exchange (TASE) that it will not pay the principal or interest on its bonds or bank debt until the debt settlement is signed. The company added that the letter of commitment signed on October 13, 2009 with the bondholders' representative body and bonds' trustees, states that the company will not make these payments between January 5, 2010 and the date when the debt settlement comes into effect.

Tomorrow, Africa-Israel is due to make a NIS 5.08 million interest payment to its Series 12 bondholders and a NIS 2.08 million interest payment to its Series 13 bondholders.

The provisions of the debt settlement state that unpaid interest or principal payments will accumulate until the date when the debt settlement comes into effect. This date will be set after the proposed debt settlement is approved in coordination with the TASE and the bondholders' representative body.

Africa-Israel's share fell 0.4% by early afternoon to NIS 42.97, giving a market cap of NIS 2.4 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on February 22, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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