First International Bank of Israel, the principal creditor for businessman Gad Zeevi, has agreed to extend a $10 million credit line to Zeevi Holdings, TheMarker has learned. The credit line will be extended for a six month period to finance the recovery of companies in the group.
The current plan is to sell some companies and help the others recover. A 64% controlling stake in Nasdaq-traded Cimatron (Nasdaq:CIMT) has already been sold for $9.9 million. 49% of the startup TeleKnowledge, held through TASE-traded Zeevi Computers and Technology, is also to be sold.
A source in the Zeevi group says that at this point there is no plan to sell Japanauto car agency, importer of Subaru. Japanauto is wholly owned by Zeevi through Mirage (previously Clal Development), which was recently delisted from TASE.
Another company the group has no intention of selling is Malam Systems (TASE:MLAM), traded on the TASE at a $48 million market cap