Bank Hapoalim Seeks Insolvency Proceedings for Serfaplast

In depth

Bank Hapoalim has filed a petition with the court for an order to open proceedings and appoint a trustee for Serfaplast of Afula. According to Calcalist, the company, which was founded 59 years ago and exports plastic products to the United States and Europe, owes the bank about NIS 29.8 million. According to Ice, the debt is about NIS 29.8 million, while according to Bizportal the bank claims a debt of NIS 30 million.

According to Calcalist, Hapoalim claims that the company is not meeting its interest payments and loan repayments, and that negotiations with an outside investor did not mature. According to Bizportal, the company repaid NIS 39 million in July, and according to the bank's claim it admitted to its insolvency and tried to bring in an investor. The company is controlled by the Schwartz family.