Ampal-American to pay debenture interest after term sheet acceptance

By Caroline Salls

Pittsburgh, July 30 - Ampal-American Israel Corp. will make the interest payments due on its series A and series B debentures immediately after it is clear that the debenture holders have approved moving forward with negotiations by voting to accept a proposed restructuring term sheet, according to a news release.

The interest payments are due on July 31, and the debenture holders are scheduled to vote by ballot on the term sheet on Aug. 1.

The company said the interest payment will be made after the term sheet acceptance because of the timing of the pending vote.

If the series B debenture holders vote not to accept the term sheet, their previous decision to accelerate Ampal's entire series B debenture debt will take effect immediately, the release said.

As previously reported, Ampal announced earlier this month that it intends to postpone making the principal payments currently coming due on the debentures, but said it does plan to continue making interest payments as scheduled.

Ampal-American Israel is a Tel Aviv-based holding company.

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