Large bankruptcy in real estate: Z. Landau seeks freeze

Z. Landau construction company, owned by the Landau family and Alon Natan, is to apply for a stay of court proceedings, as reported today (Tuesday) by the company.

According to the company, the request to freeze the proceedings served to "organize itself anew, to complete projects in progress and initiatives, to provide apartments to tenants in these projects and prepare to give tools to the trustee appointed to repay the debt of the company and minimize risk to clients, suppliers and sub-contractors of the company."
The company's debts are to date a total of about 70 million, and the company stressed today that against these obligations the company owns assets for sale. It was reported that Z. Landau asked to appoint a lawyer Chagain Ulman Adv. Shuli Goldblatt as the company's trustees.

"The company has invested a lot of money in projects designed to maximize value to the company but a combination of events forced upon it, and which do not depend on it, led it to the point where it decided, after much thought, to request the freezing and all this in order to minimize the damage", said Dudi Landau, one of the company's owners. "The increased cost of construction inputs and the impact of the crisis in real estate, capital market credit crisis and the security situation in recent months also contributed to bringing it under these circumstances."

It was further reported today by the company: "We regret very much to customers, suppliers and contractors of the company and still believe in the assets of the company in the belief that with the adoption process of rehabilitation and recovery, it will be possible to repay the full debt of the company, and it will be back on track of building and entrepreneurship throughout the country. We would like to emphasize that we expect that the company's customers are not harmed as a result of the procedure."

Z. Landau co. is an established company in the residential real estate industry and a veteran of over 30 years. Among the projects built by the company can be found in the neighborhood "Marom Shir" in Bnei Brak, the project "Dreams of Karkour" in Pardes Hanna for Housing and Construction Company of Real Estate , making the project "Apartment in Moshav" for the company Hanan Mor in Talmei Menashe and other projects in Modi'in Illit, Elad, Hadera, Kiryat Ono, Netanya, Beit Shemesh, and more.

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