News

Pizza Meter wins bankruptcy protection

February 9, 2005

Haaretz Israel: Court Judge Varda Alshech approved a request made by owners of Pizza Meter for protection from creditors.

Owners Alex Gordon and Bernardo Belajovich say their 24-unit company has amassed debts of about NIS 16 million (U.S. $3.2 million).

Judge Alshech rejected temporary proposals, which had been submitted to the court by two bodies, to resolve Pizza Meter's problems. The first was the owners' proposal to transfer management of the company to businessman Amir Wolf. The second was the franchisees' offer to transfer control to Sahar Shefa, owner of the Aroma Cafe chain. In both cases, the new manager would have run Pizza Meter for a short period with an eye to buying it out eventually. Alshech ruled it is inappropriate to stop bankruptcy proceedings while an outside investor takes on the company's management.

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