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.
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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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By GlobalData
