Delek Real Estate Ltd. shares and bonds surged after the property company controlled by Israeli businessman Isaac Tshuva reached a 1.5 billion-shekel ($380 million) arrangement with bondholders.
The shares of the Ramat-Gan, Israel-based company jumped 12 percent, the biggest gain since May 13, to 0.162 shekel at the 4:30 p.m. close in Tel Aviv, giving the company a market value of 62.8 million shekels. Delek’s 4.8 percent bonds due February 2019 rose 11 percent to 21.79 agorot on the shekel, the highest level since June 6.
As part of settlement Tshuva will inject cash and provide guarantees. The agreement is subject to bondholders’ approval, the company said.