Securities watchdog raids Delek Real Estate offices

Meital has served as active chairman for a year, and was one of the authors of Delek Real Estate's plan to restructure its assets. The plan included selling more than NIS 1 billion worth of properties in Israel and elsewhere, and rescheduling liabilities. However, Delek Real Estate has yet to figure out how to repay bondholders and bankers billions of shekels in the next few years. Delek Real Estate's bonds are trading at junk status of more than 30%, indicating some worry about the company's solvency. Its market capitalization has fallen to NIS 868 million. Delek Real Estate commented that it is cooperating fully with the Israel Securities Authority.