Yitzhak Tshuva has sold his 50.79 percent controlling interest in Delek Real Estate Ltd. to a US equity fund for nothing. The US fund manages real-estate properties worth $5 billion, but it has no business operations in Israel.Under the nonbinding letter of intent, the US fund will provide Delek Real Estate with a NIS 500 million owners’ loan, whose terms will be determined but which will be subordinate to all of Delek Real Estate’s bondholders.The US fund will also provide an additional NIS 100m. loan, which will also be subordinate to Delek Real Estate’s bondholders.Tshuva will transfer all his bonds, owners’ loans and guarantees, amounting to NIS 120m., to the buyer.Last Thursday, Delek Real Estate announced that it would buy back NIS 20m. of its Series 1 bond, which are not traded on the Tel Aviv Stock Exchange, thereby eliminating the need to make NIS 1.5m. in interest payments.Delek Real Estate’s Series 25 bondholders were expected to meet Sunday in Ramat Gan. The outstanding debt on this bond is NIS 580m. The principle is due for repayment in monthly installments through the end of 2012, and interest payments are made in March and September.Delek Real Estate wants to postpone the principle payments on the Series 25 bond, giving the bondholders higher interest payments in exchange. The bondholders have already notified the company in writing that they will not accept postponement of the next principle payment. If they reject the postponement, the TASE will suspend trading in the bond on August 22.Delek Real Estate owes its bondholders a total of NIS 1.3 billion.Delek Real Estate’s share price rose 35% to NIS 0.21 on Sunday, giving a market cap of NIS 80m., after trading in the share was resumed.