Court approves Africa Israel debt settlement

Jacob Luxenburg  photo: Tamar Matsafi

Lapidoth Capital and Altshuler Shaham Provident and Pension will take over the company and delist it from the stock exchange.

Tel Aviv District Court president Judge Eitan Orenstein approved the second Africa-Israel Investments Ltd. (TASE:AFIL) debt settlement today. Under the settlement, the company will be sold in its entirety to Jacob Luxenburg's Lapidoth Capital and Altshuler Shaham Provident and Pension. Lapidoth Capitol notified the stock exchange that with the court's decision, all the conditions for the settlement had been satisfied.

The Africa Israel group includes construction company Danya Cebus and Africa Israel Residences. Africa Israel is also due to receive NIS 184 million cash on completion of the sale of its holding in Derech Eretz Management Corporation, which operates the Cross-Israel Highway.

Africa Israel owes its bondholders NIS 2.3 billion. Lapidoth Capital and Altshuler Shaham Provident and Pension will pay the bondholders NIS 861.5 million, and the bondholders will also receive Africa Israel's cash, bringing the total payment to them to NIS 1.349 billion.

The bondholders will waive the rest of the debt, and the buyers will delist the company from the stock exchange.

Published by Globes, Israel business news - en.globes.co.il - on November 27, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Jacob Luxenburg  photo: Tamar Matsafi
Jacob Luxenburg photo: Tamar Matsafi
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