The bank is demanding immediate repayment of a NIS 50.5 million loan.
Bank Hapoalim (TASE: POLI) has today called in a NIS 50.5 million loan from Yitzhak Tshuva-controlled Delek Real Estate Ltd. (TASE: DLKR), after the company filed for liquidation. In a notice to the TASE, the company said that the bank is demanding NIS 730,000 within three days.
"Most of the amount in arrears is due to accumulated interest that has not been paid on a NIS 40 million loan, which is secured by a guarantee of the company's controlling shareholder," said Delek Real Estate. "Approximately NIS 9.6 million of the debt is a company guarantee to the bank for debts of subsidiary Delek Belron International Ltd. Delek Belron's debt to the bank totals NIS 80 million, which are secured by a lien on 30% of the share of subsidiary Delek Global Real Estate Ltd.
Delek Real Estate's share price fell 2.8% in morning trading today to NIS 0.17, giving a market cap of NIS 69 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 19, 2012
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