Israeli Tech Firm OpenWeb Seeks Court Protection Amid Cash-Flow Crisis
Published
OpenWeb asked the Tel Aviv District Court to appoint a temporary trustee, stay proceedings and bar asset disposals as the Israeli technology firm faces a cash shortfall. In its petition, the company reported about NIS 177.5 million in liabilities and NIS 42.6 million in cash at the end of August, and said it needs roughly NIS 15 million immediately. OpenWeb alleged that a lender seized $7.3 million from overseas accounts, disrupting a proposed $14 million investment. Chief executive Jim Daily told employees that wages had been paid and operations were continuing. The court had not been reported to grant the requested relief.