SE Yardeni Metal Products (Yardeni Locks) is Israel’s second largest lock and cylinder maker.
Tel Aviv District Court Judge Varda Alshech has rejected SE Yardeni Metal Products’ (Yardeni Locks) petition for an ex parte stay of proceedings at this time. Alshech stated that the petition did not make clear how the stay of proceedings would be financed, and the contribution by the company’s shareholders to the arrangement had to be specified.
The petition for a stay of proceedings stated that Yardeni Locks’s debts totaled NIS 27 million, including NIS 16 million to the Industrial Development Bank, NIS 3 million to Mercantile Discount Bank, NIS 1.5 million to Bank Leumi (TASE:LUMI), NIS 3.4 million to employees, NIS 2 million to creditors with priority rights, and NIS 1 million to shareholders.
The applicant is Israel’s second largest lock and cylinder maker. The petition to the court states that the company’s debts have been growing in recent years, mostly due to the recession, particularly in the construction industry, and the drop in exports to its traditional markets, due to economic and political factors.
Published by Globes [online] - www.globes.co.il - on July 13, 2003