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Bethel Finance news:
While Ilan Ben Dov hesitates over stating whether or not he supports the proposed debt arrangement in Tao Tsuot Ltd. (TASE: TAO-M), which he controls, the company's bondholders are seeking to summon a meeting and to vote on immediate repayment of the debt, "Globes" has learned.
Yesterday, it was reported that Bank Leumi (TASE: LUMI), to which Tao owes NIS 150 million, opposes the memorandum of principles drawn up by Tao management and the bondholders' representative. Today, the company announced that Ben Dov himself had still not finally decided, and that he wanted to meet the company and the bondholders. "Ilan Ben Dov is studying the proposal and its implications, and wishes to make clear that he is considering the matter in a positive light but that he requires more time in which to complete his examination of the proposal. Ben Dov wishes to hold a meeting with you and with the bondholders."
Last week, the outline of the debt arrangement was published. B and C series bondholders are asked to write off NIS 310 million of debt. In exchange, they will receive two series of new bonds to the tune of NIS 248 million, a cash payment of NIS 30 million, 15% of the shares in Tao, and collateral in the form of 16.25% of the shares in Suny. Electronics Ltd. At the end of the process, Ben Dov will hold 80% of Tao, compared with 70% today.
Investment company Tao Tsuot has been in difficulty for four years. It made a loss of NIS 98 million in the first nine months of 2011. Its losses of recent years have led to a deficit of some NIS 500 million on shareholders' equity.
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