The company lost NIS 14.8 million in the third quarter of 2003.
Superior Cables (TASE:SPCB) is still accruing heavy losses. The company lost NIS 14.8 million in the third quarter of 2003. Since Clal Industries and Investments (TASE: CII) and Isal Amlat Investments sold the company to Superior Telecom of the US, Superior Cables has lost NIS 160 million, wiping out 70% of its equity. Superior Cables manufactures a wide range of copper and fiber optic cables for telecommunications, power, and electronics.
Superior Cables announced that it has reached an agreement with its main creditor, Bank Hapoalim (LSE:BKHD; TASE:POLI) to reschedule its debt over a long period. The principle for the end of 2003 through the next five years will be repaid over 15 years. Following the agreement, the outstanding long-term debt stands at NIS 212 million.
Published by Globes [online] - www.globes.co.il - on November 16, 2003