Teva Pharmaceutical Industries of Israel has said that it has reached a settlement with the country's General Health Fund and its creditors regarding the outstanding debt of the GHF as of December 31, 1994.
Under the terms of the settlement, Teva will receive $0.93 on the dollar or a one-time write-off of around $4 million. Teva's consolidated financial statements for 1994 reflect an outstanding debt obligation from the GHF of $59.1 million, on which no provision was made. Teva will receive the total debt (less the above- mentioned write-off) in periodical payments starting January 16, and ending in the first quarter of 1997.
"We are very satisfied that with a rather limited one-time write-off we are substantially improving our balance sheet quality," said Teva's chief financial officer, Dan Suesskind.
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