Court Approves Sale of Erazim College in Petah Tikva for 1.3 Million Shekels

The Central District Court has approved the sale of Erazim College in Petah Tikva to Tzvi Bichler, CEO of Maayanot College for Complementary Medicine, for 1.3 million shekels. The decision was made on Monday and allows the continuation of the college's academic activities, which currently serve around 400 students. The sale includes the college's assets, equipment, study materials, website, databases, and reputation, while retaining the college's name.

The court praised the temporary receiver, attorney Gonen Kastenbaum, for successfully selling the college as a "going concern," ensuring continuity for the students. Erazim College, which employs approximately 150 staff members, had requested the appointment of a temporary receiver in May after accumulating debts of about 12 million shekels. The college operates three campuses and offers courses in roughly 35 fields of complementary medicine.

Despite extensive efforts including streamlining operations, merger attempts with similar colleges, and seeking potential buyers, the institution became insolvent and unable to meet its financial obligations. The court's approval of the sale is expected to stabilize the college's operations and preserve its educational mission.