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Africa-Israel warns of collapse if debt-restructuring not finalized soon

Africa Israel warns it w

By JPOST.COM STAFF

NOVEMBER 23, 2009 09:20

Africa-Israel Investments has issued an official warning that the real-estate company will collapse if a debt-restructuring is not finalized immediately. Stock market sources were estimating Monday that the aim of the warning was to put pressure on investors to agree to push off loan repayments amounting to some half-a-billion shekels. The court is soon expected to come to a decision whether to summon diamond mogul Lev Leviev, Africa-Israel's controlling shareholder, and ask him to explain why he cannot pay back the company's debts on time.

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