Tal Raz: "Ma'ariv's management and shareholders are doing everything possible to pay the August salaries in full by Rosh Hashana.
Ma'ariv Holdings Ltd. (TASE: MARV-M) CEO Tal Raz today warned employees of Hebrew daily "Ma'ariv" that they may not receive their full salaries for August by Rosh Hashana (Jewish New Year) on September 16. "Ma'ariv's management and shareholders are doing everything possible to pay the August salaries in full by Rosh Hashana," he said in a notice to employees.
Raz added, "A third of the salary will be paid on time (September 9). The remaining two-thirds will be paid when a bank loan is received. I can promise you that we will make a special effort to pay the balance before Rosh Hashana."
He concluded, "To enable the partial payment of the salaries on time, Ma'ariv's management, the newspaper's executives, and the correspondents will postpone the full payment of their salaries until a later date."
Published by Globes [online], Israel business news - www.globes-online.com - on September 6, 2012
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