Friday, March 20th, 2009...9:20 pm
Boymelgreen Capital seeks bondholder help as default looms
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The yield for the Series A Bond is over 1,000%. Avi Shauly19 Mar 09 13:50 Shaya Boymelgreen’s Israel real estate arm Boymelgreen Capital Ltd. (TASE:BMGN) apparently cannot meet its commitments to its bondholders, and may be facing insolvency. At the end of April, Boymelgreen Capital must pay 16.7% of the principle plus a 6.7% coupon interest payment on a NIS 180 million bond issue. The company failed to meet its cash flow plan published in December 2008, which was to include proceeds from the sale of the Assuta Medical Centers compound in north Tel Aviv and bringing in a partner to subsidiary Azorim Tourism Ltd. more@Globes.co.i
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