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Tel Aviv District Court Judge Varda Alshech today ruled that Yitzhak Tshuva will be added as a respondent to the petition for a debt settlement by Delek Real Estate Ltd. (TASE: DLKR), which he controls. She cited Tshuva's "standing as a substantial controlling shareholder in the group of companies."
The decision leaves on the table one of one the main issues before hearings on the items of the case - whether to hold one meeting of Delek Real Estate's unsecured creditors, or whether to hold a separate bondholder meeting for the company's Series 25 bond.
Alshech said that the decision to name Tshuva as a respondent in the case was because if Delek Real Estate became insolvent, Tshuva would not be personally affected, whereas the company's bondholders would suffer losses. She said that most of Tshuva's businesses through a "cluster of companies" would continue to exist, even if Delek Real Estate was liquidated.
Delek Real Estate's share price rose 3.8% in morning trading to NIS 0.208, giving a market cap of NIS 78 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 4, 2012
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