Yitzhak Tshuva's Delek owes NIS 6 billion to bondholders and NIS 2 billion to banks.
Delek Group Ltd. (TASE: DLEKG) has drawn up a draft offer and recovery plan, which was sent last night by its economic advisors to the representatives and trustees of its bondholders. Delek Group, controlled by Yitzhak Tshuva, has a NIS 6 billion debt to bondholders and a further NIS 2 billion to banks.
Under the plan, Delek would raise NIS 260 million during 2020 and 2021 while selling Delek Israel, its chain of gas stations, convenience stores and two power plants. Delek's economic advisors propose offering the banks the shares of Delek Israel as collateral. Future super royalties from the giant Leviathan gas field, which began streaming gas at the end of 2019, would be offered as collateral to bondholders.
Published by Globes, Israel business news - www.globes-online.com - on April 21, 2020
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Yitzhak Tshuva