Delek owner Yitzhak Tshuva
Delek, CIM talks extended by 30 days
During extension period, CIM fund won't gain exclusivity over negotiations as parties try to set new terms for acquisition of Delek Real Estate
After the surprising announcement regarding CIM's reluctance to go ahead with the acquisition of Delek Real Estate under the present terms of the agreement, Calcalist has learned that the two parties agreed on a 30-day extension for negotiations over the acquisition of Delek Real Estate.
During the extension period, CIM will not have exclusivity on the negotiations.
Until now, the fund negotiated with Yitzhak Yshuva on the terms under which negotiations would proceed; however, the fund made it clear that the deal could not go through without giving Delek Real Estate's bondholders a haircut or alternatively, Tshuva pouring copious funds into the company.
The deadline for Delek Real Estate's due diligence was Sunday. CIM's investigation of DGRE was comprehensive and encompassed all of DGRE's assets, which were examined by different evaluators in London and Israel.
Holders of DGRE's long-term bonds decided last week to put off the decision on the position of the bonds that are up for immediate payment until the 18th in order to exhaust all negotiations options vis-à-vis the DGRE and Tshuva's representatives.
Click here to read this report in Hebrew
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