Soltam Gets Court Protection From Creditors

Kitchenware maker has debt of 60 million shekels ($15.4 million).

FILE PHOTO: Soltam Radad store in Haifa mall.
Rami Shllush

Soltam Radad, whose line of kitchenware is found in almost every Israeli home, won court protection from creditors Wednesday as it wrestles with some 60 million shekels ($15.4 million) in debt.

Judge Irit Weinberg-Notovitz of the Lod District Court said the order remained in effect until December 1 and assigned two attorneys to act as trustees in the meantime. Shuki Goldblatt, the lawyer representing Soltam, said the company had several offers to be bought, among them from Shlomo Gabbai, former CEO of Ikea Israel.

Soltam sought protection over the weekend after saying that its financial situation had been deteriorating rapidly, that some if its bank accounts had been blocked and inventory seized by creditors. It said it had assets of just 26 million shekels.