Phoenicia Glass granted stay of proceedings

Phoenicia America-Israel (Flat Glass) owes its creditors, mostly banks and suppliers, NIS 325 million.

Phoenicia America-Israel (Flat Glass) Ltd. yesterday petitioned the Nazareth District Court for a stay of proceedings, as rising energy and raw materials prices, coupled with aggressive competition in its export target market and falling demand pushed the company into severe cash flow distress.The court appointed Chen Bardichev CPA as trustee to manager the company for 30 days. Phoenicia owes its creditors, mostly banks and suppliers, NIS 325 million.

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