Ron Bar-Nir, Adv., manager and receiver of Elkon Brothers Motor Vehicles, which is the franchise holder for Mack Trucks and Renault, has asked the Tel Aviv District Court to allow him to operate the company for an additional 30 days, in order to attempt to sell it as a going concern.
Bar-Nir was appointed on October 7 at the request of Discount Bank, which claims it is owed NIS 95 million, and with the consent of the owners, the brothers Ehud and Eliezer Elkon. The receiver was given authority to manage the company for 14 days.
Bar-Nir today told the Court that he and Eliezer Elkon met with the managers of Renault and asked their cooperation in a recovery program for the sale of the company and its assets. Bar-Nir also warned Renault representatives of the gravity of the rumors of contacts between Renault representatives and Israeli concerns for the transfer of the franchise.
Subject to the immediate regularization of the relationship with Renault, Bar-Nir is convinced that it is better to continue to operate the company and attempt to sell it as a going concern. According to him, although the examination of the company's books has not been completed, the company's debts total NIS 106 million: NIS 95 million to Bank Discount and NIS 11 million to suppliers, including NIS 6 million to Renault.
Published by Israel's Business Arena on 14 October, 1999