Banks recall loans to Izakson, Elad firm Y.A.D.
The recall came after Y.A.D. failed to meet the threshold terms set by the banks to accept its proposal for rescheduling repayment of NIS 17 million in debt.
Banks Hapoalim and Discount have recalled their loans to shell company Y.A.D. Electronics after Y.A.D. failed to meet the threshold terms set by the banks to accept its proposal for rescheduling repayment of NIS 17 million in debt. For two months Y.A.D. has missed loan repayments to the banks. In addition to the banks' demand for the immediate repayment of NIS 17 million, Discount has called in NIS 2.6 million in other credit.
Y.A.D. is not a big company, nor is its debt particularly large, but the newsworthy element of this story is the company's ownership. Y.A.D. is controlled by Ronen and Eran Elad, who own the Hapoel Petah Tikva soccer team. Y.A.D.'s other owners are members of the Izakson family, including the husband of Irit Izakson, who was appointed by Shari Arison to sit on Hapoalim's board of directors.
"The debt to Hapoalim was created before [Irit] Izakson joined the board," responded a spokesman for Bnei Izakson Investments. Izakson owns 29% of Y.A.D. Those shares were purchased in accordance with an agreement with the company's controlling shareholders, the brothers Ronen and Eran Elad, signed in October 2006. Based on that agreement, Izakson has exercised its Put option to sell all its shares in the company to the Elad family. The minimum share price is NIS 0.90, for a total of NIS 4 million for all of Izakson's shares