Arcadi Gaydamak appears to have found a solution for at least some of his financial troubles. He has obtained a loan from Zwi and Yosef Williger, who will make the money available through their private companies, Zwi W. & Co. Ltd. and Yossi Willi Management and Investments Ltd., respectively.
The parties did not disclose the size of the loan. However, it was estimated to be around NIS 76 million.
In exchange for the loans, Gaydamak extended liens on half his shares in Ameris Holdings Ltd. (TASE:AMRS.B1) through which he controls G. Willi-Food Investments Ltd. (TASE:WLFD). The Willigers also received liens on half of Gaydamak's holdings in Gilon Investments (1979) Ltd. (TASE:GILN). The Willigers have a lien on two million Willi-Food shares and 150,000 warrants, amounting to 22.2% of the company.
The notice to the TASE by Willi-Food also gave no details about the terms of the loan, or when it would mature. It merely noted that the Willigers can exercise a call option included in the loans' terms and buy the shares, in full or in part, if Gaydamak fails to meet the terms.
Gaydamak acquired Willi-Food from Williger Industries Ltd. (TASE:WLGR), controlled by Zwi and Yosef Williger, earlier this year. Zwi Williger still owns 10.62% of Willi-Food, and Yosef Williger owns 1.91%.
No lien was placed on Ocif Investments and Development Ltd. (TASE: OCIF) shares. Mizrahi Tefahot Bank (TASE:MZTF) already has a lien on shares in this company, and notified Gaydamak last month that it was calling in the NIS 245 million loan extended to him because of material breach in the loan terms.
Published by Globes [online], Israel business news - www.globes-online.com - on September 2, 2008
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