Daily Israel Report
09:32
Reported

News Brief

  8/10/2011, Av 10, 5771

Discount Adds NIS 200M to Koor Bridge Loan


Discount Investments announced Wednesday, that it was adding 200 million shekels to the half-billion shekel bridge loan to the Histadrut Labor Federation's Koor Industries conglomerate, which was announced on Sunday. The total package will consist of NIS 613 million from Discount Investments and 87 million shekels from IDB Development Corporation.

The Globes business publication reports the loan was dictated by stock-market losses for Switzerland's Credit Suisse bank. Koor is giving Credit Suisse time to recover before deciding what to do with its shares. Koor plans to repay the loans from proceeds of its impending sale of Makhteshim Agan chemicals to the Chinese National Chemical Corporation.