Bloomberg News

Ampal Drops to 3-Week Low After Asks to Postpone Debt Payments

December 20, 2011

Dec. 20 (Bloomberg) -- Ampal-American Israel Corp. slumped to the lowest in three weeks in Tel Aviv trading after saying it would meet with debt holders to discuss a two-year postponement on the principal payment of some bonds.

The shares of Ampal, the owner of a 12.5 percent stake in the company that exports gas from Egypt to Israel, declined 6 percent to 1.27 shekels at 11:16 a.m. in Tel Aviv, the lowest intraday level since Nov. 28.

Ampal will discuss a 24-month postponement of the principal payments on the series A, B and C debentures that are listed on the Tel Aviv Stock Exchange, the company said toward the end of yesterday’s trading session.

--Editors: Claudia Maedler, Tim Farrand

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net -0- Dec/20/2011 09:23 GMT


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus