The do-it-yourself retail chain, which was owned by Eliezer Fishman, is in receivership on behalf of Bank Hapoalim.
Do-it-yourself retail chain Home Center deferred the capital repayment that was due to its bondholders yesterday, with the bondholders' consent. The payment will now be made to the bondholders in two instalments, one later this month and one in November. The total payment amounts to a few million shekels.
Home Center was owned by Eliezer Fishman. When Fishman became bankrupt, Bank Hapoalim (TASE: POLI) exercised its lien on the shares and appointed a receiver for the chain. Home Center has one series of bonds, issued in 2007 to raise NIS 300 million.
Home Center has nearly 50 branches. Its business position has been challenging for some time, and it has undergone a streamlining program in which it has realized assets, shrunk its workforce, and cut prices. In June 2015, the company agreed an arrangement with its bondholders whereby it made an immediate payment of NIS 35 million and rescheduled the remainder of its debt (then amounting to over NIS 70 million) over five years from September 2015 to September 2020.
Published by Globes [online], Israel business news - www.globes-online.com - on October 2, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
Home Center photo: Tamar Matsafi