Developer Africa aa‚¬a€œ Israel struggles to restructure debt, says Bloomberg

Real estate developer Africa – Israel Investments, owned by Israeli billionaire Lev Leviev is trying to escape bankruptcy after starting to restructure a $2 billion of debt, according to a recent piece by Bloomberg newswire. Leviev s now trying to reach an agreement with Africa-Israel’s creditors to avoid having to seek bankruptcy protection. Africa-Israel bonds make up about 0.6 percent of the total amount of pension savings that Israeli financial institutions manage, the Finance Ministry said in August, quoted by Bloomberg.

The Africa – Israel shareholder says the main mistake was the exposure on the US market.

Africa-Israel is the main investor in AFI Europe, which has developed and runs the AFI Palace Cotroceni shopping mall in Bucharest and which is planing to develop commercial and residential properties in the country.

Read the entire story about Lev Leviev here.

Corina Saceanu

Read more about

Pepco Study: Romanians spend an average of 70 lei (14 EUR) per shopping session in store

read more