Gad Zeevi negotiating a financing deal with Citibank

Bank sources estimate that tycoon owes Israel's banks almost a billion dollars
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Businessman Gad Zeevi is negotiating a financing deal with Citibank, Yedioth Ahronoth reports.

The deal under discussion involves Citibank acquiring some of Zeevi's commitments in exchange for a share in profits he makes in the future from companies under his control.

The deal would help Zeevi meet his current commitments to a group of Israeli banks, from which he borrowed hundreds of millions of dollars to buy a 20% stake in the Bezeq phone company, and a stake in Bulgarian airlines Balkan Air, among other things.

Some banking sources estimate that he owes the banks close to a billion dollars, Yedioth Ahronoth reports.