At about 10 pm yesterday, Delek Real Estate Ltd. (TASE: DLKR, controlled by Yitzhak Tshuva, filed an application in the Tel Aviv District Court consenting to the liquidation of the company. Delek Real Estate has thus done what it said it would do in its announcement to the Tel Aviv Stock Exchange last week, in which it stated that it would not oppose the request for liquidation filed by the trustee of the company's 25 series bond.
Delek Real Estate's total debt under the three bond series that it issued is NIS 2.1 billion, of which NIS 150 million relates to the 4 series bond, NIS 580 million to the 5 series, and NIS 1.4 billion to the 25 series.
In November 2011, Delek Real Estate proposed a debt arrangement to its bondholders involving a "haircut" of hundreds of millions of shekels. The trustees of the 4 and 5 series bonds approved the settlement, but the trustee of the 25 series did not join.
Published by Globes [online], Israel business news - www.globes-online.com - on April 16, 2012
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