ISRAEL: Clubmarket told owners must contribute
A Tel Aviv court has told supermarket Clubmarketing Marketing Chains that unless its owners contribute their own resources, the stay of proceedings protecting it from its creditors will end.
The company had asked for an urgent six month stay of proceedings, the appointment of a trustee manager, and the formulation and approval of a recovery plan and a compromise agreement with its creditors.
The food chain said, according to Globes, that its debts totalled 1.378 bn new shekels (US$311m).
Clubmarket said that as its debts exceeded the liquidation value of its assets, its ability to pay its debts "depended on continuing to operate as a going concern and on a plan of recovery."
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