Delek Real Estate tells court it agrees to liquidation

April 16, 2012 13:57

Delek Real Estate Ltd., 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.

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. The company owes bondholders NIS 2.1 billion.

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