The banks are not at all happy with report that Zvi Yochman from accounting firm Itzhak Swary, trustee and special manager of cable TV firm Tevel filed yesterday with Tel Aviv District Court.
A leading bank source told TheMarker that the banks have a gloomy feeling about Tevel's reorganization plan. The source said the banks are extremely worried mainly because of the gap between the data presented by the trustee and the data originally presented by Tevel in its petition for stay of liquidation. The source said that in its petition for a stay of liquidation proceedings, Tevel reported operating at break even, while the trustee shows that the company has an NIS 8 million monthly operating loss.
The source said that he is worried and that Yochman's report in fact reveals that Discount Investment Corporation didn't have the whole picture about the state of Tevel when making decisions. The source said that the differences and the discrepancies in figures in the revenue and expense items between the report of the trustee, and the documents filed by Tevel are shocking. "There is substantial current deficit," the source said, adding that he cannot see where the reorganization plan paints a rosy picture. The source said that Yochman hasn't attacked an operation plan, but suffices with general statements. The source said that it is impossible to make decisions on that basis.
The banking sector therefore plans to demand the trustee provide them additional information in order to determine if their collateral has been damaged. Without these clarifications, the banks are threatening there won't be any progress.