Bondholders will receive up to NIS 830 million on the NIS 2.1 billion owed.
Delek Real Estate Ltd. (TASE: DLKR), controlled by Yitzhak Tshuva, reached a debt settlement with the company's Series 25 bondholders early this morning. Under the settlement, the bondholders of the company's three bond series will receive NIS 750-830 million on the NIS 2.1 billion owed.
Under the new debt settlement, which extends for 26 pages, Tshuva will pay Delek Real Estate's other shareholders NIS 21 million and delist the company from the TASE.
Delek Real Estate's Series 4 and 5 bondholders are expected to support the debt settlement. A minor dispute on the sharing of a NIS 50 million payment by Tshuva personally to the bondholders remains outstanding. The bondholders will meet next Tuesday to approve the settlement.
Published by Globes [online], Israel business news - www.globes-online.com - on September 6, 2012
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