FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of June 2003
Electrochemical Industries (1952) Ltd.
(Translation of registrant's name into English)
Haifa Bay
Acre Industrial Area
P.O. Box 1929
Haifa, 31019 Israel
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Yes __X___ No _____
(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes ______ No__X___
The following item or items, which are filed herewith, were either filed by
or with respect to Electrochemical Industries (1952) Ltd. ("EIL") with the
Tel-Aviv Stock Exchange, or distributed by EIL to its security holders, on the
date or dates indicated.
Item Filing/Distribution Date
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1. Immediate Report filed with the
Tel-Aviv Stock Exchange June 12, 2003
ITEM 1
[EIL LETTERHEAD]
Securities Authority Tel-Aviv Stock Exchange Registrar of Companies
22 Kanfei Nesharim Str. 54 Eha'ad Ha'am Str. POB 767
JERUSALEM TEL-AVIV JERUSALEM
- --------- -------- ---------
Dear Sir Or Madam,
Further to the Directors Report which was annexed to the company's financial
statements for the year 2002, and for the first quarter 2003, in which the
company reviewed the measures taken in order to face the erosion occurred in its
equity, and the deficit in the working capital, the company has approached its
controlling shareholder (ICC) and the financing banks to assist the company by
means of increase of the prevailing credit lines available to the company and
thereby to give it time to promote the reorganization of its capital and debt
structure.
(See above Directors Report and Immediate Report dated 21.5.2003 regarding the
convening of General Meeting of the company's Debenture Holders).
The controlling shareholder notified the company and the financing banks that it
is prepared to support the company by means of increased credit lines, subject
to the banks' agreement to give the company the said time required for the
implementation of the reorganization of its capital and debt structure, and
providing increased credit lines and recycling the repayment of principal of
long term loans during the interim period.
The company is conducting negotiations, which are not yet crystallized, with the
financing banks, to settle the terms which will enable the increase of credit
lines to the company and obtain said support of ICC, in order to meet its
liabilities.
Sincerely yours,
Yair Kohavi, Adv.
Corporate Secretary
Contact : Adv. Yair Kohavi, Corporate Secretary,
Tel: 972-4-9851497, Fax: 972-4-9815797
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ELECTROCHEMICAL INDUSTRIES (1952) LTD.
By: /s/ Yair Kohavi
-----------------------------------
Yair Kohavi, Adv.
Corporate Secretary
Date: June 12, 2003