December '19   Globes

The companies Ortam Sahar Engineering Ltd, Ortam Sahar Infrastructures and Construction Ltd. and Malibu Construction Ltd. (hereinafter – “the Ortam Group”), with respect to which a creditors arrangement was authorized in 2016 by the Tel Aviv Jaffa District Court, filed a petition to commence proceeding, by way of a stay of proceedings, due to cash flow difficulties the Group experienced in the wake of the creditors arrangement. This was due to the group’s inability to take out loans in order to issue bank guarantees for the parties that commissioned the projects, to support their new activity. The president of the Tel Aviv Jaffa District Court, the Hon. Judge E. Orenstein, granted the motion and appointed the trustees for the previous arrangement as trustees for the Group companies.

The companies were represented by adv. Amir Bar-Tov and Shimrit Melman from our Firm.

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