Tau Tsuot, Ilan Ben-Dov's holding company, told the Tel Aviv Stock Exchange yesterday that Bank Leumi is demanding immediate repayment of the balance of an approximately NIS 154 million loan.
Tau also reported thatholders of its Series Bet bonds, owed about NIS 330 million at face value, voted in favor of a settlement proposed by Ben-Dov on Sunday.
The main parameters of the plan call for Ben-Dov to transfer to Tau all his shares in his holding company Suny, valued at NIS 130 million. In return, he will receive a 76% stake in Tau. The rest of Tau's equity will be given to bondholders in exchange for their bonds.
The holders of Tau's Series Gimel bonds, worth NIS 69 million at face value, opposed the plan. But the trustee for the bondholders opted to approve the later offer for everyone on the grounds that the Series Bet holders have more capital at stake.
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