Zisser pays Hapoalim only NIS 10M

Businessman Moti Zisser was due to repay a NIS 80 million ($21.5 million) debt to Bank Hapoalim, but Calcalist has learned that the controlling shareholder of Elbit Imaging transferred only NIS 10 million ($2.71 million) to the bank.

The most recent event in the debt affair took place about a month ago, when Bank Hapoalim notified its debtor that it would begin exercising its rights against the collateral Zisser had put up to secure a loan for the acquisition of Elbit Imaging's controlling interest, after Zisser defaulted on his obligation.

Zisser had promised at that point to transfer the requested payment by October 30.

But the deadline had gone by and Zisser has failed to pay up. He requested a week extension from the bank which set off a whirl of rumors doubting Zisser's ability to pay back the loan. Now Calcalist has learned that the debtor transferred NIS 10 million to the bank last Thursday.

Zisser's acquaintances claimed Tuesday that "he transferred the funds as a proof of his intention following that if he does not meet the remaining payment, he in effect gave the money to the bank with no return."

Sources close to Bank Hapoalim, however, see things differently, claiming that nothing has changed and that Zisser's payment was inconsequential and a unilateral move. For now, as far as the bank is concerned, Zisser has failed to meet his obligations, thus the bank will continue with proceedings to liquidate his assets.

Calcalist also learned that the bank has taken legal action in Belgium to liquidate Zisser's assets in the country – his stake in Beapart NV through which Zisser holds five hotels in Holland and Belgium.

Furthermore, it was revealed that Zisser signed a deal to sell 75% of the hotels for NIS 80 million at a valuation of NIS 105 million (after the deduction of the hotels' debts).

However, the acquirer is stalling on his payments and transferred only the aforementioned NIS 10 million. Sources close to Zisser claim that the deal will be completed within 10 days and the remainder of the debt will be paid to the bank.

Zisser's balance after paying the NIS 10 million is NIS 750 million ($204 million) which are to be paid in 16 annual installments; however Zisser wants to reschedule the loan and defer the next payment due on April of about NIS 50 million ($13.5 million).

In the mealtime, Elbit Imaging is selling off its holdings (45%) in EDT real estate investment trust held in partnership with an American partner (45%) and Menora Mivtahim (9.2%).

Elbit holds a $163 million stake in the company through subsidiary Plaza Centers and believes it can sell its shares on a $680 million market cap leaving it with some $290 million, half of which will be capital gain.

Click here to read this report in Hebrew

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