Viola will also receive options exercisable for shares, which could increase its stake in Gaon Holdings by an additional 10% for NIS 20 million.
Gaon Holdings owes its bondholders NIS 160 million, and they are worried about the company's ability to meet the commitment. The next payment of NIS 44 million is due in May. The bondholders have threatened to call the debt if the company did not meet their demands.
Gaon Holdings reported NSI 362 million in current liabilities at the end of September 2012 and NIS 427 million in long-term liabilities, compared with NIS 210 million in shareholders' equity and NIS 80 million in cash.
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