BREAKING NEWS

'Ma'ariv' trustees reach deal, submit it to court

By GLOBES

OCTOBER 23, 2012 09:18

After complex and intensive negotiations, Ma'ariv Holdings Ltd. trustees Adv. Yaron Arbel and Dr. Shlomo Nass submitted their recommendations to Tel Aviv District Court Judge Varda Alshech for the sale of the company as a going concern.

The trustees reached a combination deal, which will allow 1,400 Ma'ariv employees to keep their jobs, including employees of the printing house and the newspaper's distribution network.

Preserving 1,400 of Ma'ariv Holding's 2,000 employees was a victory for trustees, representing a major improvement over the 300 Ben-Tzvi originally offered to keep on board.

According to the trustee's recommendation for court approval of the winning bids, Ma'ariv Holdings' activities, including its newspapers, website, magazines and publishing house will be sold to Shlomo Ben-Tzvi. They also recommend selling the company's printing house in Bat Yam to Amos Maimon.

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