The Real Deal Miami

Boymelgreen reaches $56M debt agreement

July 14, 2009 01:01PM

Shaya Boymelgreen and Boymelgreen Capital’s bondholders have worked out a debt agreement, Israeli newspaper Haaretz reported. The bondholders, currently owed 434 million Israeli New Shekels, have agreed to accept 220 million Israeli New Shekels in cash, about $55.6 million, and shares worth 12 million shekels, about $3 million. Boymelgreen’s holding in the company will be reduced to 60 percent from his current 90 percent, and he will give up a shareholder’s loan and company bonds worth 24 million shekels.