Debts of about NIS 10 million: restaurant group seeks stay of proceedings

The Avidan Brothers Group, which operates 11 bars and restaurants across the country, has filed a request with the Tel Aviv District Court for a stay of proceedings due to debts of about NIS 10 million. The group attributes its difficulties to ongoing crises in the industry and emphasizes its commitment to paying employee salaries.

The Avidan Brothers restaurant group, which operates 11 bars and restaurants across the country and employs about 250 workers, has filed a request with the Tel Aviv District Court for a stay of proceedings (freezing of proceedings) due to debts estimated at about NIS 10 million. The group, one of the most well-known in Israel's entertainment sector, has been operating for nearly two decades. The request aims to formulate a debt arrangement with creditors while continuing business operations. The group attributes its financial difficulties to a series of crises: the COVID-19 period, lockdowns, wars, and a heavy accumulated financing burden. In its response, the group emphasized that paying employee salaries is a top priority and that it is acting with full transparency before the court and creditors.