Tel Aviv district court judge Varda Alshech has approved the creditors’ arrangement for Clubmarket, saving the collapsed supermarket chain from liquidation.
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Representatives of the income tax authority and the trustees running Clubmarket filed their accord with the court. They agreed, according to a report in The Marker, to defer three key disputes to a later time, and agreed to accept the court’s ruling on these outstanding issues.
The court said that the arrangement calls for immediate approval in order to release monies months in arrears to suppliers, some of whom were in danger of collapse after Clubmarket’s bankruptcy declaration. The fact that the fiscal year is about to end renders the situation all the more urgent, the judge noted. She said she only regretted that the parties hadn’t reached an arrangement earlier.
