Firm paid advisers NIS 6 million

Africa Israel spent NIS 6 million on legal, financial and media advisors during recent negotiations with its corporate debt holders, according to a document that the company submitted to the court yesterday. The company noted that this amount could change as the procedures for approval and implementation of the debt agreement expand. A gross approximation indicates that consultation services cost the company about NIS 100,000 per day.

Africa Israel explains that in negotiations toward a debt agreement the company undertook to bear the bondholders' costs of legal consultants, economists and trustees.

C.P.A. Menachem Marder is providing financial consulting services for the bond holder representatives, and legal consultancy services are provided by attorney Lipa Meir, along with three lawyers and a legal intern from his office.

The sum also includes Africa's expenses for its own consultant, Prof. Amir Barnea, and a "public relations company" - whether that of Rani Rahav who routinely handles the company's PR, or that of Moshe Theumim. But one of them at least was hired "in light of the extensive publicity that the process of drawing up an agreement has and still generates," Africa Israel says.