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Full coverage· Economy· Updated

Defense Contractor Seeks Court Protection Amid $26 Million Debt

CM Composite Materials, a defense equipment manufacturer, has requested court protection due to cash flow problems and 26 million shekels in debt. The company, owned by Mati Moscovitz, seeks a stay of proceedings to aid its recovery and find a buyer. Moscovitz personally guaranteed 10 million shekels of the debt.

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What happened

  1. 01CM Composite Materials seeks court protection due to 26 million shekel debt.
  2. 02The defense equipment manufacturer is experiencing cash flow difficulties.
  3. 03Owner and CEO Mati Moscovitz personally guaranteed 10 million shekels of the debt.
  4. 04The company hopes to find an investor or buyer during the proceedings.
Translated and summarized by baba from TheMarker, the latest report. Read TheMarker’s original

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