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Israeli Plastic Manufacturer Starplast Faces Liquidation Over Millions in Debt
Bank Hapoalim has asked a court to liquidate Israeli plastic manufacturer Starplast due to approximately 29.8 million shekels in unpaid debt. The company, founded in 1967, has faced financial crises from rising costs, a strong shekel, and European boycotts.
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What happened
- 01Bank Hapoalim seeks liquidation of Israeli plastic maker Starplast over 29.8 million shekel debt.
- 02Starplast, operating for nearly 60 years, faces severe cash flow and financial crises.
- 03Rising raw material costs and a strong shekel have impacted the company's profitability.
- 04Negotiations with an external investor failed to secure a deal acceptable to the bank.
- 05The company previously employed 350 workers in Israel and 300 in Texas.
Despite a demand for repayment and failed investor talks, the debt remains outstanding. The court has not yet issued a decision.
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