Daily Israel Report
18:25
Reported

News Brief

  10/18/2012, Cheshvan 2, 5773

New Investor for Phoenicia: the Fortissimo Fund


The Fortissimo investment fund submitted an offer, Thursday to acquire Haifa's Phoenicia glass factory, which has been in the hands of court-appointed trustees in recent weeks as it fights off closure. The fund intends to stabilize the factory with an injection of 170 million shekels and lead it on a new path.

The sale is subject to the court and creditors, who are scheduled to meet on Tuesday. The factor has been kept open by government help and the assistance of two natural-gas companies.