The search to find a buyer for debt-laden Israeli fresh produce exporter Agrexco appears to have run into trouble after it was reported that only one of the parties said to be interested in bidding for the firm did in fact submit an offer prior to the 26 July deadline.
As stated in a report published by Israeli business newspaper Globes, despite strong interest from around 10 individual entities there has only been one formal bid so far, at a level which is believed to be well below the actual valuation of the group.
Meanwhile, some of the other potential buyers have apparently asked for an additional 72 hours in order to conduct further due dilligence tests and to speak to the group's grower-suppliers.
Company trustee Dr Shlomo Nass has therefore asked the Tel Aviv District Court for a further postponement of 7-10 days in order to find a buyer.
According to Globes, parties that have expressed an interest in buying Agrexco include Total Produce, Avraham Bigger, DS Apex Holdings and Paine & Partners.
'Over the last three weeks we have succeeded in collecting more than €15m for the stay of proceedings, which is more than we expected,' Nass told Globes.
'There is no doubt that if the company were liquidated, the money would not have come in.'
Tel Aviv District Court Judge Varda Alshech is set to hear the various creditors' positions and make a ruling on any potential extension of the deadline later in the day.
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