Erazim College Faces Sale to Preserve Operations Amid Multi-Million Debt

The temporary liquidator of Erazim College - Center for Complementary Medicine has filed a request with the Central District Court to approve the sale of the college's assets and operations to businessman Zvi Yehuda Bichler, CEO of Maayanot College for Complementary Medicine, for 1.3 million shekels. The liquidator, Attorney Gonen Kastenbaum, emphasized that despite being the sole offer received, it represents the best possible deal given the college's current financial distress and will maximize returns for creditors.

The sale aims to ensure the continuity of academic activities for hundreds of students, preserve faculty employment, and increase the liquidation fund. The transaction includes tangible and intangible assets such as reputation, equipment, educational materials, the website, and databases, all in their current condition. Kastenbaum highlighted Bichler's extensive experience managing similar colleges and his deep industry knowledge as key factors supporting the sale.

Erazim College, located in Petah Tikva across three rented campuses, employs about 150 staff and serves roughly 400 students enrolled in over 250 courses across 35 fields including naturopathy, Chinese medicine, shiatsu, and reflexology. The institution offers professional certification, practical training, and clinical internships. Established by faculty and students through volunteer efforts, the college has become a leading educational center in complementary medicine but accumulated debts of approximately 12.7 million shekels, prompting the appointment of a temporary liquidator in May.

The payment terms require an initial 500,000 shekels upon court approval, with the remaining 800,000 shekels paid in 24 equal installments over two years. The college building is excluded from the sale, and the buyer must arrange lease terms with the property owner. The court is scheduled to review the sale request on Monday. The liquidator praised the dedicated efforts of the college's staff and administration for enabling the institution to continue serving as a professional and supportive environment for students and faculty.