Clubmarket debts hit NIS 1.6b
This is NIS 230 million more than was originally believed as stated by the company, when it filed for protection from its creditors in July.
Total debts to creditors of the collapsed supermarket chain Clubmarket were NIS 1.6 billion, Haaretz has learned. This is NIS 230 million more than was originally believed as stated by the company, when it filed for protection from its creditors in July.
According to a creditors' arrangement that Shlomo Nass and Gabi Trabelsi, Clubmarket's trustee managers, are putting together, the banks will forgo some of their debt and will suffice with 80 percent return of their monies. The banks, which are secured creditors, are used to receiving their money in full in such situations. In this case, though, unlike in many cases of corporate collapse, the bulk of the debt is not to banks but to the chain's suppliers, big and small.
Although the sum of NIS 1.6 billion is higher than originally estimated, this reflects the sums owed as presented by each creditor, and which will require an in-depth examination by the trustees. The final size of the debt may well be less than this, though if disputes do arise, the creditors are entitled to appeal to the court for a decision.
Among the suppliers hit by Clubmarket's collapse are mostly food companies, as well as other retail chains that ran the Extra Tav shopping vouchers together with Clubmarket. It includes fashion chains Castro and Fox as well as Ace Buy & Build and others that lost millions through Clubmarket's fall.
A draft creditors' arrangement is expected to be released soon, and a vote by all creditors will be expected on September 27.
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