Restaurant and Bar Group Requests Stay of Proceedings Over Debts

In depth

Companies in the bar and restaurant group owned by the Avidan brothers, whose businesses include the Concierge bar in Tel Aviv and Symphony in Kiryat Ono, have petitioned the court to form and approve a debt arrangement. According to N12, the group operates 11 businesses and employs about 250 workers. According to Ynet, the judge appointed two administrators for companies in the group.

According to Ynet, the group claims that the coronavirus pandemic, the Iron Swords war and Operation Roaring Lion have severely affected its operations. According to Globes, among the causes of the crisis are losses of about 2.5 million shekels from the Chef restaurant opened on Rothschild, which closed within months. According to Bizportal, the group proposes to pay 4 million shekels within three to six years and claims it is not insolvent. The group adds that its businesses are open and operating as usual.