In the shadow of the Corona crisis that caused oil prices to fall, fuel shares crashed 82% from the beginning of the year and the company has dropped to market value of NIS 1.1 billion as of today.
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However, the holders have not approached the court and are in the process of establishing a commission, with their initial position on contacts with the company inferior because they have no collateral for debt, while their credit banks must have NIS 3 billion in fuel have collateral of Ithaca shares and 36% of drilling fuel shares, That is, most of the company’s assets.
Yitzhak Tshuva, the owner of the Delek Group Photo: Delek Group
Itzhak Tshuva-controlled Delek also completed the sale of its 20% stake in the Desalination Engineering Company (IDE) to Alpha 2,
For NIS 164 million, an amount that went into her coffers and allowed her to pay the bond and at the same time purchase Amir Dayan and City Bank 7% of Delek Drilling shares, which Dayan purchased in a deal with City that used them as collateral.
These deals take away only a small amount of fuel in light of the drop in oil prices and the Corona crisis, which have led to a significant decline in the value of its assets. Ithaca and Fuel Drilling question the projected cash flow from both companies, which should be used to repay its debts.
In a press release, Delek CEO Idan Wells said: “Despite the deep economic crisis, and despite the sweeping implications we see across all markets in the world and various sectors, Delek proves once again that, even on days when there are hardly any market transactions, it manages to take steps Consistent with its strategy and objectives.
“This is another action, a series of moves and business operations that the Group is constantly looking to continue to strengthen its capital base and liquidity, at a time when there is a deep crisis in the markets and volatility of the world’s stock exchanges following the outbreak of the Corona virus. The Delek Group is a leading and strong company with excellent assets that will enable It has to cope with the global crisis in the markets, and get out of it. “
