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Israeli Cosmetics Firm Paloma Dead Sea Faces Bankruptcy With 26 Million Shekel Debt
Israeli cosmetics company Paloma Dead Sea has entered legal proceedings with debts of approximately 26 million shekels, including owner loans. The Haifa District Court ordered a stay of proceedings and appointed a trustee to oversee the company's operations and explore sale options.
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What happened
- 01Paloma Dead Sea faces a financial crisis with debts totaling approximately 26 million shekels.
- 02The Haifa District Court ordered a stay of proceedings and appointed a trustee.
- 03The company cited the pandemic, the "Swords of Iron" war, and tourism decline for its struggles.
- 04Approximately 80% of Paloma Dead Sea's sales are exports.
- 05Shareholders Eli and Ran Segev reportedly injected 10 million shekels via owner loans.
The company cited the COVID-19 pandemic, the "Swords of Iron" war, and impacts on tourism and exports as reasons for its financial difficulties. The trustee will now assess the company's viability and potential restructuring or sale.
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