The bars will continue to operate: stay of proceedings order for the Avidan brothers group

The Tel Aviv District Court issued a 30-day stay of proceedings for nine companies in the Avidan brothers group, which operates veteran bars, to formulate a debt settlement. The total debt stands at 13.9 million shekels. The businesses will continue to operate as usual.

The Tel Aviv District Court issued a stay of proceedings order for nine companies in the Avidan brothers group, which operates veteran bars in Israel, for a period of 30 days to formulate a debt settlement. The group's total debt stands at 13.9 million shekels, plus 750,000 shekels for unpaid October salaries. The court ruled that the businesses will continue to operate normally during this period. The settlement administrators, attorney Yosef Vaknin and CPA Rafael Levi, noted that the Avidan brothers expressed commitment to rehabilitating the business, and that their parents provided an external guarantee of 750,000 shekels. One of the brothers, Idan Avidan, claimed that the crisis was caused by the coronavirus and the October 7 war, and that it is a life's work collapsing through no fault of their own. The companies intend to offer secured creditors 75% of the debts, and creditors with personal guarantees 20% of the debts, spread over six years.