Tshuva bows to pressure on Delek Real Estate

Delek Real Estate's controlling shareholder is prepared to inject more capital into the company as part of a debt settlement.

December 1, 2011 23:22
1 minute read.

YITZHAK TSHUVA. (photo credit: Avi/Wikipedia)


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Delek Real Estate Ltd. controlling shareholder Yitzhak Tshuva on Thursday notified the company’s bondholders that he is prepared to inject more capital into the company as part of a debt settlement, on top of the NIS 300 million he has already promised. He did not state how much more money he would inject, but the statement indicates that he has bowed to public pressure.

Tshuva’s proposed debt settlement included a NIS 900m. haircut for Delek Real Estate’s bondholders, who are owed over NIS 2 billion.

Be the first to know - Join our Facebook page.

“Over the past few days, I reviewed the structure proposed for Delek Real Estate by Prof. Amir Barnea, and I heard and listened to the criticism,” Tshuva said in the statement. “Over the past three years, I have responded favorably to the company’s requests for financial assistance, in the belief that this would succeed in putting it on a new path. I am still prepared to continue helping the company to get through this period and rebuild it and to improve the structure for it proposed by Prof. Barnea.

“I am prepared to increase the amount of my participation in the settlement structure that will be formulated and inject additional amounts in the company beyond the amounts stated in Barnea’s proposal, as part of a structure agreed to by all the parties.”

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection