BREAKING NEWS

Tshuva: No more cash for Delek Real Estate

By GLOBES

APRIL 24, 2012 11:51

Yitzhak Tshuva on Monday notified Delek Real Estate Ltd. that he will cease to support the company from May 6, after the company's bondholders kept on making new demands, Globes reported Tuesday.

Tshuva was particularly put off by the new demands since bondholders made the demands after signing an agreement in principle for a debt settlement in which Tshuva made concessions towards their position. Tshuva sent the letter after last-minute negotiations on a settlement between Delek Real Estate CEO Eran Meital and the bondholder representatives broke down Monday.

If the bondholders do not quickly reach a deal with Delek Real Estate and Tshuva, the court will reportedly accept the petition of the Series 25 bondholders to liquidate the company.

A source close to Tshuva said, "We've stopping playing games. The bondholders went too far. They've crossed every line with their demands, and the time has come for the court to decide." Tshuva also sent the letter to the court.

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