Court approves High Q acquisition

High-Q

Global University Systems has undertaken to find an immediate solution for High Q's students and to employ 90% of its workers.

Tel Aviv District Court Judge Eitan Orenstein today granted the urgent petition filed late last week by Adv. Keren Reichbach-Segal from the Eitan, Mehulal, & Sadot law firm, the temporary liquidator for the High Q chain, for approval of a sale agreement for the chain.

The petition seeks to sell High Q for NIS 3.3 million in cash to Global University Systems, controlled by Arkady Etingen. Six different companies made bids to acquire High Q.

In its bid, Global University Systems is undertaking to find an immediate solution for High Q's students, to employ 90% of High Q's workers, to immediately pay the chain's employees the 50% of their March salaries that they did not receive, and transfer the sale price to the liquidation fund - all within 48 hours.

At the end of the hearing, Global University Systems group managing director Valery Kisilevsky said, "We are very glad to approve the winning bid for the business of High Q. Right now, the focus is on getting into the business as quickly as possible. High Q is a leading brand, and is capable of resuming activity in the immediate future."

Published by Globes [online], Israel Business News - www.globes-online.com - on April 23, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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