Teva Pharmaceutical Industries announces settlement of outstanding debt with General Health Fund.JERUSALEM--(BUSINESS WIRE)--Jan. 2, 1996--Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVIY) today announced that on December 31, 1995 a settlement was reached between the General Health Fund ("GHF GHF Global Health & Fitness GHF Global Heritage Fund (cultural preservation organization) GHF Gesellschaft für Handel und Finanz mbH (German: Society for Trade and Finance Ltd. ") and its creditors, regarding the outstanding debt of the GHF as of December 31, 1994. The settlement was approved by creditors' meetings organized by a trustee appointed by order of the Tel Aviv District The Tel Aviv District is one of six administrative districts of Israel with a population of 1,204,000 residents. It is 99.0% Jewish and 1.0% Arab (0.7% Muslim, 0.3% Christian). The district capital is Tel Aviv. Court. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the settlement, Teva will receive 93.25 cents on the dollar or a one time write off of approximately $4 million. Teva's consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for the year ended December 31, 1994 reflect an outstanding debt obligation from the GHF in the amount of U.S. $59.1 million, on which no provision was made. According to the agreed settlement, which is expected to be approved by the Tel Aviv District Court on January 14, 1996 Teva will receive the total debt (less the above mentioned write off) in periodical payments starting on January 16, 1996 and ending in the first quarter of 1997. The first priority mortgage on the hospital in Kfar Sava will remain in place until all the payments on account of this settlement will be made in full. "We are very satisfied that with a rather limited one time write off we are substantially improving our balance sheet quality, by settling a $59 million debt, to open a new era in the relations with our largest customer," commented Teva's Chief Financial Officer, Dan Suesskind. The settlement agreement must be signed by the State of Israel as well as the GHF, and will be final and effective after the said signing and upon confirmation by the Tel Aviv District Court. Teva Pharmaceutical Industries Teva Pharmaceutical Industries Ltd. (Hebrew: טבע תעשיות פרמצבטיות בע"מ), NASDAQ: TEVA is an international pharmaceutical company headquartered in Ltd. develops, manufactures and markets human pharmaceuticals, bulk pharmaceutical chemicals, medical disposables, veterinary products and fermentation product. The largest supplier of such products to Israel s public and private health care markets, Teva has manufacturing facilities in Israel, Europe and the United States and approximately 60 percent of its sales generated outside of Israel. CONTACT: Teva Pharmaceutical Industries, Ltd. Dan Suesskind Chief Financial Officer (011) 972-2-892-811 or Morgen-Walke Associates, Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Press: Brian Maddox Investor Relations Investor relations The process by which the corporation communicates with its investors. : Donna N. Stein (212) 850-5600 |
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