A Bank Hapoalim branch 248.88.
(photo credit: Ariel Jerozolimski)
Lev Leviev loans remain problem for Bank Hapoalim
By AVI SHAULY
Even following the debt
settlement by Africa-Israel Investments Ltd. with its bondholders and bank
creditors, the Leviev group is still at the top of Bank Hapoalim’s list of
problem borrowers, people familiar with the matter told Globes
Lev Leviev’s private company, Memorand Management (1998) Ltd.
(through which he controls Africa-Israel), owes Bank Hapoalim NIS 1.3 billion,
which the bank classifies as “problem debt.” The bank classifies half of the
debt as “doubtful debt,” or debt against which the bank has made a
provision. The bank classifies NIS 225 million of Africa-Israel’s debt as
The debt settlement reduced Memorand’s problem debt by 10
percent and Africa-Israel’s problem debt by 20%.
Last May, Africa-Israel
signed a debt settlement, several months after beginning negotiations on it. The
company faced cash-flow problems caused by the global credit crunch, which
adversely affected its real-estate investments in the US and Russia.
part of the debt settlement, Africa-Israel converted 13 series of bonds,
totaling NIS 7.4 billion, into two new bond series: one medium-term bond
totaling NIS 1b., which has already been repaid; and a long-term bond (Series
26) totaling NIS 3.6b., which will be repaid by 2025.
At the same time as
the Africa-Israel debt settlement, Leviev rescheduled Memorand’s
According to information obtained by Globes
, Memorand repaid Bank
Hapoalim NIS 700m. in cash by the end of 2010, as part of the debt
settlement. Nevertheless, Leviev and Memorand still top the list of the
bank’s problem debt.Average salary falls
By INBAL OMER
The average gross monthly
salary fell 0.3 percent to NIS 8,727 in January 2011 from NIS 8,759 in December
2010, the Central Bureau of Statistics reported Thursday. The average
salary of Israeli employees fell 0.9% in the November-January period, after
rising 0.5% in the August-October period.
Israel Electric Corporation and
Mekorot (national water company) employees topped the salary charts with an
average monthly salary of over NIS 20,000.
The number of salaried persons
fell to 2.95 million in January from 2.96 million in
Embedded-photo startup PicApp bought by US company
By Globes correspondent
Embedded-photo startup PicApp Ltd. has been sold to digital-marketing company
Ybrant Digital Ltd. of the US, the company announced Wednesday. PicApp cofounder
and CEO Eyal Gura did not state the size of the deal.
Founded in 2008,
PicApp raised $3.2 million from Carmel Ventures and private investors Yair
Goldfinger and Lenny Recanati.
The Picapp widget enables online
publishers to transform every static image to a dynamic slide show. The company
also lets bloggers publish pictures and share profits.