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Israeli Food Companies Seek Protection Amid Financial Crisis
Candylida, an Israeli ice cream company, has filed for protection from creditors with debts of 15 million shekels, citing a dispute with a major supplier as a key cause.
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What happened
- 01Candylida, an Israeli ice cream company, is seeking protection from creditors with 15 million shekels in debt.
- 02A dispute with ice cream manufacturer Feldman is cited as a major reason for Candylida's financial crisis.
- 03The Avidan Group, operating 11 restaurants and bars, also seeks protection from creditors due to a 10 million shekel deficit.
- 04KFC's Israeli franchisee faces 50 million shekels in debt, and trustees have been appointed to assess its situation.
- 05These companies are petitioning courts for moratoriums to negotiate debt settlements and prevent collapse.
This follows similar financial distress reported by the Avidan Group, which operates 11 restaurants and bars and owes 10 million shekels, and KFC's Israeli franchisee, which has 50 million shekels in debt and has had trustees appointed. The companies are seeking court-ordered stays of proceedings to negotiate settlements and avoid collapse.
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