Ma'ariv Holdings Ltd. (TASE: MARV) controlling shareholder Zaki Rakib will not acquire the company's debt to Bank Hapoalim (TASE: POLI). Notwithstanding the announcement, Ma'ariv said that Rakib's $12 million investment in the company and $3 million loan covers all his commitments and that the deal between the parties has been completed.
Bank Hapoalim (TASE: POLI) says that Ma'ariv Holdings Ltd. (TASE: MARV) has not met its commitments to the bank. Hapoalim is demanding the repayment of NIS 106.41 million in loans.
Hapoalim has given Ma'ariv 7 days to deal with the debt. Ma'ariv says it does not agree with the bank and intends to negotiate with it.
"Globes" reported in late February that part of the investment deal by Zaki Rakib - the acquiring of the company's debts to the bank, in the sum of NIS 110 million - was being held up. That debt was the subject of Ma'ariv's notice today.
Rakib acquired 30% of Ma'ariv and effective control of the company, which publishes Hebrew daily "Ma'ariv". He is due to invest an additional NIS 20 million to buy Vladimir Gusinsky's 19% of the company, held by Bank Hapoalim.
A source at Ma'ariv told "Globes" last week, "The situation that Rakib found at Ma'ariv was much worse than he thought."
Trading in Ma'ariv's shares is suspended.
Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011