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Kate123
I think Russell Ellwanger, chief executive officer of Tower Semiconductor is ...
Tower reschedules $160 million of debt
Peter Clarke
8/18/2010 11:17 AM EDT
LONDON – Tower Semiconductor Ltd., the specialized foundry that trades as TowerJazz, has announced that it has signed an agreement with a number of Israeli banks to reschedule approximately $160 million of debt.
The debt $160 million of principal amount is now extended and scheduled to be paid in 10 quarterly installments commencing in the third quarter of 2013 and ending in the fourth quarter of 2015. The loans will bear an annual interest rate of labor plus 2.75 percent. As part of the agreement, the company has agreed to pay $30 million, on top of $20 million previously announced.
Oren Shirazi, chief financial officer said: "Following the previous announced $80 million bonds to notes exchange, the extension of the $45 million Wells Fargo credit lines, with due dates of 2015 and 2014 respectively, a conversion of approximately $30 million of Israeli bonds, and with this additional banks agreement, we have now refinanced/restructured more than $350 million of debt."
Russell Ellwanger, chief executive officer of Tower Semiconductor (Migdal Haemek, Israel), added: "Servicing the reduced remaining principle with the associated due dates of all banks and bonds debt, falls easily within the operating models of the company, for a wide range of scenarios."
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Kate123
5/17/2013 6:09 AM EDT
I think Russell Ellwanger, chief executive officer of Tower Semiconductor is guilty partially in this situation. Such a big debt doesn’t appear suddenly, it was bunched not for a one year. It’s a wrong position to talk about the problem when it is too late to change something. The same situation is with ordinary borrowers who lend money and know about the consequences, though they are sure to pay back: http://northenloans.ca/instant-payday-loans.html. They put themselves in stupid situation and then begin complaining! This Tower Semiconductor Ltd. is the casus of the same thing.
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