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Israeli Restaurant Chain Receives Court Protection Amidst NIS 15 Million Debt Crisis
The Avidan brothers' restaurant group, operating popular venues across Israel, has received a 30-day court-ordered stay of proceedings to arrange a debt settlement. The group owes approximately NIS 15 million, including unpaid salaries, and employs around 250 people.
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What happened
- 01The Avidan restaurant group received a 30-day court-ordered stay of proceedings to arrange a debt settlement.
- 02The group owes approximately NIS 15 million, including NIS 750,000 in unpaid salaries to 250 employees.
- 03Popular venues like "Concierge" and "At8" in Tel Aviv are part of the affected group.
- 04Shareholders' parents provided a NIS 750,000 guarantee to support the business during the proceedings.
- 05A settlement proposal suggests creditors may receive partial repayment over three to six years.
The court aims to allow the businesses to continue operating under supervision while a rehabilitation plan is developed. Shareholders' parents have provided a guarantee, and a settlement proposal suggests partial debt repayment over several years.
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