Sources inform ''Globes'' that a Delek Real Estate Ltd. (TASE: DLKR) bondholder has taken active measures against the Yitzhak Tshuva-controlled company, after it missed a payment on its Series 25 bond. The bondholder, the owner of the Lev cinema chain, has pulled the insurance policies of the company's 200 employees from The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5), which Tshuva controls through Delek Group Ltd. (TASE: DLEKG), and switched to a different company.
The bondholder owns NIS 5.7 million worth of Delek Real Estate's Series 25 bond. He told "Globes", "Debts must be paid. If you don’t pay your debts, you don’t get my money."
The sources added that another bondholder is also mulling action against Tshuva companies.
Meanwhile, Delek Real Estate has promised to meet the bond payment on or about November 15. The bondholders are demanding that Tshuva fulfill two promises: inject NIS 150 million into the company by the end of 2012 through private placements, and to buy 25% of Delek Real Estate subsidiary Elad Israel Residential Ltd. for NIS 100 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 16, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011