Agrexco's stay of proceedings suspended for two weeks

The Tel Aviv District Court today extended Agrexco's stay of proceedings by two weeks, until July 20th.

The ruling comes a day after the Ministry of Finance refused to provide interim financing of €1.75 million to keep the company afloat and offered only €500,00.

 
However, Arko Holdings Ltd, has offered to loan Agrexco €1.25 million to allow the exporter of fresh agricultural produce to keep operating .

The government owns 30.3% of Agrexco, growers and farmers councils own 58.7% and Tnuva Food Industries Ltd. owns 11%. Agrexco has debts of €106 million.
 

source : globes