The company's total debt reached approximately 105 million Israeli shekels (US$32.24 million), and 70 percent of its sales were related to exports. to Turkey, which made the embargo a critical blow to its operations.
Trade ban: the main factor in the collapse
Turkey has officially suspended exports, imports and transit trade with Israel for all categories of goods from May 2, 2024 in response to Israel's military actions in Gaza.
During the trial, the firm cited the Turkish trade ban as the main reason for its financial collapse, saying that the loss of the primary market made continuing operations unviable.
Legal and financial implications
After declaring bankruptcy, the Beersheba District Court appointed a trustee to decide whether the company would be liquidated or restructured.
There are no comments yet.