Debt-ridden Landa printing acquired by FIMI in $80 million arrangement
The deal ensures continued operations and avoids liquidation, protecting the majority of employees’ jobs.
The Central District Court approved on Saturday evening a debt restructuring plan for Benny Landa’s digital printing company, Landa Corporation. Under the approved arrangement, private equity firm FIMI will acquire the company and invest $80 million into its operations.
Following the acquisition, FIMI will own 100% of Landa Corporation and will continue to employ most of its workforce. The move comes after the company sought court protection in July, burdened by debts of approximately ₪1.7 billion ($460 million). At that time, the court appointed attorney Sigal Rozen-Rechav and CPA Shlomi Filiba as administrators for the restructuring process.
In her ruling, Judge Hana Kitsis noted that the arrangement “ensures the company’s continued operations and safeguards the employment of most of its employees.” She emphasized that liquidation would likely yield only minimal proceeds, given that the company’s customers are primarily overseas and its only assets in Israel are machinery. “Approval of the debt arrangement will allow many employees to retain their jobs and source of income while preserving their full rights. On the surface, it appears that any gains from a liquidation alternative would be minimal.,” the judge said.
Founded by entrepreneur Benny Landa, Landa Corporation develops and manufactures advanced digital printing machines for the commercial printing, packaging, and publishing sectors. Its technology relies on a proprietary water-based inkjet process protected by numerous patents.
