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Agrexco moves into liquidation

Fresh produce exporter's stay of proceedings is ended by Tel Aviv District Court Judge Varda Alshech

Agrexco moves into liquidation

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Israeli agricultural giant Agrexco has slipped into liquidation following months of speculation surrounding its future.

National publication Globes reported that Tel Aviv District Court Judge Varda Alshech had terminated the stay of proceedings against the group, officially sending it into liquidation, with court-appointed trustee Shlomo Nass beginning the subsequent liquidation procedures.

However, Nass is reportedly still pursuing a number of different options with regards to offers for Agrexco, to sell the company as a going concern, Globes noted.

The Knesset Finance Committee is holding a meeting today (Tuesday 12 September) to discuss the Agrexco situation, with chairman of the agricultural lobby MK Shai Hermesh saying that Israeli government was 'abandoning its responsibilities' to Agrexco's bondholders.

Agrexco's liquidation could force producers who have traditionally sold their fruit and vegetables through the company to seek alternative arrangements. 

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