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Israeli court ruled against developer seeking restructuring of bond debt Urbancorp is one of just 16 North American 上海夜网论坛

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real estate companies to borrow there

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e in Tel Aviv ruled against a request by Toronto-based Urbancorp to restructure the debt it raised on the Israeli bond market.

The court appointed an officer with the power to dig into Urbancorp’s books and, in necessary, seize its assets, a development that may strike fear into the hearts of Israeli bond上海龙凤论坛sh1f

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buyers and foreign property developers raising funds in Israel.

UrbanCorp raised $180 million shekels, about $48 million, just a few months ago, with an 8.65 percent coupon. Prices on those bonds have since halved. The company’s israel directors and advisors have bolted, and trading in the securities has halted, Bloomberg reported.

The firm is one of just 16 North American property firms borrowing on the Israeli market, according to Bloomberg. New York players such as Gary Barnett’s Extell Development, David Lichtenstein’s Lightstone Group and Joe Moinian’s Moinian Group and others have all sought funding there.

“Urbancorp is an exceptional case and doesn’t represent the norm but as a result we are likely to see Israeli investors be more skeptical about future debt offerings by f上海千花网龙凤论坛

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oreign real estate companie上海千花网

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s,” a Tel Aviv-based fund manager told Bloomberg. [Bloomberg] – Ariel Stulberg

Tags: Tel Aviv Stock Exchange
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