TEL AVIV — Africa-Israel Investments’s shares and bonds recovered on Monday as its controlling shareholder, billionaire Lev Leviev, conducted talks to buy the real estate company’s Russian unit, aiming to help restructure about 3-billion shekels ($777m) in debt.The company’s stock rose 7.2% to 1.162 shekels, its highest close since June 20, on Monday in Tel Aviv. It has declined 36% this year, compared with a 4.6% drop in the benchmark TA-25 index. The yield on the company’s 7.5% bond maturing May 2025 closed at its lowest level since December 10.Leviev is in talks with trustees and representatives of Africa-Israel’s bondholders on a debt settlement that would include buying the company’s 65% stake in its loss-making Russian unit AFI Development, Africa-Israel said in a statement to the Tel Aviv bourse. About 85% of the stake is collateralised to bondholders, according to the statement."This is a nice move in the right direction, as the money from the sale will probably pay part of ...
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