According to the new offer, NIS 400 million will eventually be repaid, instead of written off.
The negotiations between Naty Saidoff and the banks over the acquisition of Bezeq parent company Eurocom Communications continued today, with Saidoff making an offer that did not includes any write-off of Eurocom's nearly NIS 1.5 billion in bank debt.
According to the offer, the banks will receive NIS 350 million immediately, while NIS 700 million will be rescheduled according to a regular timetable. The remaining NIS 400 million will not be written off; it will be repaid from the company's future upside, i.e. subject to Eurocom's future profits. There will be no regular timetable for this debt, but it will not be written off, in contrast to the original offer.
The parties are discussing the offer in the hope of reaching initial agreements in the coming days, thereby rendering continuation of the legal proceeding for handling the debt unnecessary."
Published by Globes [online], Israel Business News - www.globes-online.com - on December 27, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
Nati Saidoff Photo: PR
Gad Perez and Irit Avissar