By Anshel Pfeffer, November 5, 2009
Israeli billionaire and Lubavitch philanthropist Lev Leviev has reached an agreement to refinance the loans that his company took out from banks and pension funds in Israel.
Africa-Israel announced two months ago that it would have trouble repaying the loans, which total £1.2 billion. Mr Leviev will pay about ten per cent of the debt from his private funds and be allowed to retain control of the company.
Part of the loans will be repaid in Africa-Israel shares and the rest of the repayments will be spread over the next ten years.