Yesterday evening, the management of Alon Holdings Blue Square - Israel Ltd. (NYSE: BSI; TASE: BSI), controlled by Shraga Biran, which owns troubled supermarket chain Mega, met representatives of its bondholders and its main banks and put together an outline of a debt arrangement that includes deferment by five years of the large majority of its repayments to them.
According to the company, the arrangement was formulated "in a way that will enable Blue Square to realize and obtain maximum value for its assets and to meet all its commitments to Mega under the arrangement approved by the court."
The plan is subject to the receipt of the approvals required under law of the authorized signatories of each of the sides to the arrangement.
"The company believes that once all these approvals are obtained, it will be able to meet all its obligations, including those relating to the guarantees that it provided to Mega's suppliers," Blue Square said.
Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015