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Full coverage· Economy· Updated

Court Appoints Receiver for OpenWeb Amid Financial Crisis

An Israeli court appointed a temporary receiver for OpenWeb, a digital advertising and content platform company, amid a severe liquidity crisis and insolvency proceedings.

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Court Appoints Receiver for OpenWeb Amid Financial Crisis
Illustration by baba

What happened

  1. 01Court appoints receiver for OpenWeb due to financial crisis.
  2. 02Company faces 177.5 million shekel debt, including secured loans.
  3. 03Microsoft's suspension of services worsened OpenWeb's cash flow.
  4. 04Mars Growth Capital sought enforcement of security and asset custody.
  5. 05Restructuring talks between OpenWeb and Mars Growth Capital failed.
  6. 06Receiver to report on rescue or restructuring options within 10 days.

The company owes approximately 177.5 million shekels to creditors, with its financial woes exacerbated by the suspension of services by major client Microsoft.

Translated and summarized by baba from Al-Shams, the latest report. Read Al-Shams’s original

The coverage

3 newsrooms on this story

Who covered it

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  • HarediNone
  • Arab1
  • Other2

How it broke

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