Israeli banks afraid Lev Leviev won’t pay back loans

October 02, 2008 05:50PM

Israeli banks are growing fearful that landlord Lev Leviev,
chairman of the board of Africa-Israel, won’t be able to repay the more than $4
billion he’s taken in short- and long-term loans. Leviev is reportedly being
asked to buttress the securities backing loans by giving the banks liens on an
additional 10 to 20 percent of Africa-Israel’s shares, which will give the
banks 75 to 80 percent of the company’s stock. Leviev owns the New York Times
building at 229 West 43rd Street
and the Clock Tower at 5 Madison
Avenue
, among other buildings.


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