Beny Steinmetz’s Scorpio set for second debt settlement

Beny Steinmetz settles for his Lucky Number.

Real estate baron Beny Steinmetz is about to give bondholders of Scorpio Real Estate Ltd a “haircut” — once again.

In 2008 the Beny Steinmetz Group, operating in Israel, gave investors their first haircut to the tune of over 21 million dollars when he bought back his bonds at 21 cents per share less than face value.

Now he seems to be at it again, as he convinces bondholders of his Scorpio Real Estate company to part with a 21 million loss – roughly 33% of the balance of the bonds.

If the settlement is approved it will reduce the debt of Scorpio by 21 million dollars.

Guess what Steinmetz’s lucky number is?

 

Read more about: bankruptcy, Beny Steinmetz, Business, Business/Finance, Debt, Debt settlement, Economics, Finance, Late-2000s financial crisis, Money, Scorpio, Scorpio Real Estate, Tel Aviv District Court, USD