Israel's two big banks, Hapoalim and Leumi, have acceded to the request by

Gilat Satellite Networks

(Nasdaq:GILTF) to extend its credit term from four to eight years,

Yedioth Ahronoth

reports.

Bank Hapoalim and Bank Leumi had lent Gilat of $36 million. Gilat hoped to repay by raising money on Wall Street. That plan was crushed by the stock market crash.

Gilat also borrowed $25 million from the

Shamrock Holdings

group, which is controlled by the Disney family, in exchange for convertible bonds. The bonds are convertible at a rate of $23 per share, while Gilat now sells for $1.5 per share.