Steinmetz's Scorpio set for second debt settlement

Beny Steinmetz

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Beny Steinmetz's troubled real estate company has agreed a 33% "haircut" with bondholders.

Scorpio Real Estate Ltd. (TASE: SCRP.B1), the troubled company owned by Beny Steinmetz, is moving forward with its second debt settlement. After talks lasting more than a year with bondholders, the two sides have succeeded in forming an agreement that will mean a "haircut" of NIS 80 million for the bondholders - 33% of the balance of the bonds.

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Scorpio updated the Tel Aviv District Court on the developments yesterday to obtain an order calling a bondholders meeting to approve the debt settlement.

If the debt settlement is approved it will reduce the debt of Scorpio, which operates mainly in Eastern Europe, from NIS 240 million (taking out Steinmetz's holdings of NIS 120 million) to NIS 160 million.

Published by Globes [online], Israel business news - www.globes-online.com - on June 1, 2015