Delek Real Estate Ltd. bonds and shares surged after billionaire Isaac Tshuva’s property company announced a debt reorganization proposal that includes issuing new securities to existing bondholders.
The price on the company’s 4.8 percent bond due February 2019 surged 11 percent to 35.43 agorot on the shekel at the 4:30 p.m. close in Tel Aviv. The rate climbed from this year’s low of 26.03 agorot on Sept. 12. The stock jumped 22 percent, the biggest gain since Aug. 14, to 0.23 shekel.
The proposal also counts on Tshuva for further investments in the real-estate company. Delek Real Estate Chief Executive Officer Eran Meytal told the Calcalist that a quick approval of the plan was critical for the company.