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Israeli press manufacturer, Landa, has filed for protection to find new investment after a shareholder exit, with its total debts reportedly amounting to roughly $516m (£377m)
Newspapers in Israel are reporting that Landa Digital Printing is filing for court protection, following the laying off of a significant number of employees.
According to information gathered by Globes, a financial newspaper in Israel, the shareholders of the Rehovot-based printing manufacturer have informed the company's management that they intend to stop financing the company immediately.
According to Israeli daily newspaper, Calcalist, Landa’s total debts amount to roughly $516m (£377m), of which unsecured creditors, including suppliers, are owed an estimated $88m (£64m).
The company has cited “regional instability” including the Gaza-Israel conflict, as having caused financial difficulties, as well as a number of unspecified “commercial reasons”.
As a result of these factors, the company has reportedly found itself in a cash flow crisis. In response, the company has carried out a reorganisation process in recent weeks, including the laying off of over 100 employees, roughly 20% of its workforce.
Landa has now sought out court protection, to give time to find investors willing to step in to save the company.
Landa’s full statement to Globes says: "Despite the company's significant achievements, the time it has taken to reach the full realisation of its business potential is longer than expected.
“The geopolitical situation, as a result of the long war in Israel and regional instability, as well as commercial reasons, have made it difficult for the company, and the shareholders who have financed the company throughout its years and they recently informed the company's management that they intend to stop financing the company immediately.
"As a result, the company has found itself in a cash flow crisis. In response, the company has carried out a reorganisation process in recent weeks, as part of which significant cuts were also made to deal with the situation and enable the continued realisation of its potential.
“The company's employees and customers have been updated on the situation and will continue to be updated as relevant developments occur, out of understanding the complex situation in which they find themselves and out of deep appreciation for their work and their full commitment to the company."
Landa Digital Printing was launched by Benny Landa in 2011, with its core offering being its Nanography technology, which utilises nano-pigment droplets designed to transfer a completely dry image to the substrate.
Landa invested significantly in drupa 2024, with a sizable stand presenting a full range of the company’s offerings including its S11 and S11P presses, which were launched at the trade show.
