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Israeli tycoon Leviev inks debt agreement with four banks

Posted on: Tue, 17 Nov 2009 08:51:00 EST

Symbols: ISDAF

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Dublin, Nov 17, 2009 (M2 PRESSWIRE via COMTEX) --
ISDAF | Quote | Chart | News | PowerRating -- 17 November 2009 - Israeli tycoon Lev Leviev has reached a deal with
four domestic banks to pay them ILS300m (USD79.7m/EUR53.4m) in order to
redeem part of his private loans, a source with knowledge told Reuters
today.

Under the agreement with Bank Leumi (TLV:LUMI), Israel Discount Bank
(TLV:DSCT), Mizrahi Tefahot Bank (TLV:MZTF) and First International
Bank of Israel (TLV:FTIN1), the billionaire will also cover part of the
obligations with assets, the insider added, without providing any
further information.

Meanwhile, Leviev's biggest lender Bank Hapoalim said yesterday it has
inked a separate agreement with the tycoon, but declined to reveal
details regarding the loans' repayment.

According to financial news website TheMarker, however, Leviev will
repay ILS410m to the bank.

Leviev runs developer Africa Israel Investments (TLV:AFIL), which is
currently awaiting the approval of its bondholders and stakeholders to
strike a deal to repay ILS7.4bn of debt.

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