Lev Leviev’s Africa Israel Investments is trying to restructure 21 billion shekels, or $5.5 billion, worth of debt. The company has paid off 3.3 billion shekels of loans since the beginning of 2008, but it still has 7.5 billion shekels of debt left to pay off, it said. Leviev told Bloomberg the company’s biggest mistake was its U.S. investments, which include the former New York Times building, purchased for $525 million in 2007. The company’s stocks dropped in response to the restructuring announcement.
Africa Israel hopes to restructure $5.5B debt
August 31, 2009 09:00AM
