Israeli fresh produce exporter Agrexco looks set to go into liquidation after the only potentially viable bid for the debt-laden company was rejected.
Tel Aviv District Court Judge Varda Alshech was reportedly told that the tabled bid, from Israel-based logistics group Kislev Forwarding and Custom Clearance, was 'no longer relevant'.
Financial newspaper Globes revealed that Shlomo Nass, who was originally appointed to find a buyer for Agrexco, will now try to sell the company as a 'going concern' but will no longer be able to sell the company in its entirety.
Judge Alshech is expected to make a final decision on the matter during a hearing on Thursday 1 September.
Earlier, Agrexco's creditors had rejected a debt settlement proposed by the company which would have included a so-called haircut that would have seen them reimbursed with just 10-15 per cent of the value of the debt.
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