Embattled Israeli tycoon Eliezer Fishman is trying to have 95% of his debt forgiven through a creditors' haircut, Israel Hayom learned Monday. Under Fishman's proposal, which was submitted to the Tel Aviv District Court for approval, Fishman will pay between 80 million and 90 million shekels ($21 million to $23 million) out of a total of 1.8 billion shekels ($470 million) that he personally owes to major banks and other entities. "Mr. Fishman has always conducted himself with integrity and has always assumed responsibility in times of crisis by injecting his own money into his holdings or by securing more collateral," his lawyers wrote in the proposed outline of the agreement. Fishman's lawyers said he was willing to earmark half of his future income to the banks; to sell property he owns in Hadera, and to sell off other assets. Fishman has also proposed putting his wife's home on the market, at an estimated value of 25 million to 30 million shekels ($6.6 million to $7.9 million). On top of his personal debt, the companies he owns through the Fishman Group have incurred a business debt of about to 4.5 billion shekels ($1.2 billion), including 196 million shekels ($51.5 million) owed to the Israel Tax Authority in back taxes. The ITA recently asked the court to issue a receivership order against the Fishman Group and has also dismissed his efforts to have his debt forgiven, saying it would "allow Fishman to act as if nothing happened and as if the outstanding debt has not reached 4.5 billion shekels."
