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March 02, 1990 - Image 44

Resource type:
Text
Publication:
The Detroit Jewish News, 1990-03-02

Disclaimer: Computer generated plain text may have errors. Read more about this.

!BUSINESS I

AV/

Wall Street can wait a year.
Law School can wait a year.
The Rat Race can wait ay ear.
BUT ISRAEL CAN'T WAIT!

Koor Gets Relief
From Creditors

OTZMA

(Now in its fifth year)

•It's a 10-month fellowship program in Israel for only $1,000.*
•It's travel, study, work and exploration.
•It's hard. It's fun. It's the best adventure you'll ever have.
•It's for outstanding young men and women, age 19-24.
•It's easy to find out more.

For information, call one of these Otzma graduates:

Alysa Goldberg
EMU, 485-2495

Wendy Littky
MSU, (517) 332-2765

Lisa Kruman
U-M, 994-3979

or call

Yefet Ozery, Israel Program Center
6600 W. Maple Road • West Bloomfield, MI 48322 • (313) 661-5440

*In Michigan, a project of the Jewish Welfare Federation of Detroit. Funded by United Jewish Charities
in partnership with the Jewish Welfare Federation and the Jewish Agency for Israel.

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44

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Tel Aviv (JTA) -- The fi-
nancially stricken Koor In-
dustries got some relief from
local and foreign creditors,
in a deal brokered early this
month by Finance Minister
Shimon Peres.
The creditors agreed to
write off nearly $257 million
of Koor's billion dollar debt.
Peres is trying to avert
total collapse of the con-
glomerate, which accounts
for about a quarter of
Israel's industrial output
and employs about 20,000
persons.
The deal was hammered
out at a recent meeting with
Koor officials and represent-
atives of its credit lenders.
The meeting followed a week
of apparently fruitless
negotiations to restructure
the debt.
At midnight, Peres told a
group of reporters an agree-
ment had been reached. The
foreign backers left for home
about an hour later.
Israeli banks will bear the
brunt of the loss incurred by
the loan write-offs. They will
cancel $180 million of the
$800 million they are owed.
Overseas banks agreed to
write off $77 million of a
$205 million debt.
They will be reimbursed in
the amount of $87 million by
the Israeli banks as soon as
the agreement is signed.
Another $41 million in debt
will be rescheduled for pay-
ment over the next five
years.
The arrangement,
however, did not stave off a
crisis at one of Koor's sub-
sidiaries, the veteran
Shemen oil and soap factory
in Haifa.
Shemen, founded in 1919,
closed a few weeks ago after
a work dispute. The closing
was yet another symptom of
the grave malady afflicting
the giant Koor con-
glomerate.
The management of the
pioneering Shemen factory
sent letters of dismissal to
200 workers and ordered the
plant closed, following ex-
treme sanctions taken by the
workers last week.
In their actions, preven-
ting products from leaving
the plant, workers barred
management from even
entering the workplace and
also jeopardized the work of
the firm's computer.
Shemen and another fac-
tory, Etz Hazayit, in Petach
Tikva, are Israel's two major
oil and soap plants, and both
are owned by Koor, which is

in turn owned by the
Histadrut, the Israeli trade
union federation.
Representative of the com-
plicated matter was the posi-
tioning of the Haifa workers'
council, which is a branch of
the Histadrut, in support of
the workers against the
employers.
Background for the
Shemen workers' dispute
lies in the fact that Shemen
and Etz Hazayit agreed in
the past to follow a manufac-
turing and sales policy that
would avoid duplication. But
Shemen workers felt that all
profitable operations were
transferred from their plant
to Etz Hazayit.
Fearing their plant would
eventually close, the
workers demanded their
plant operate independently
of Etz Hazayit and initiated
sanctions against their own
management to try to effect
that end.
In the process, they cre-
ated a self-fulfilling pro-
phecy. Koor's crisis began a
year ago, when its overseas
creditors, led by Manufac-
turers Hanover Trust of New
York, demanded liquidation
to satisfy their debts.



I BBYO I

BBG COUNCIL is hosting
the BBG Sabbath service and
oneg at Adat Shalom
Synagogue 7:30 p.m. March 2.
The program is open to all
BBG members and their
female guests. For informa-
tion, contact Sara Guyer,
398-6565; or Adele Lewin at
BBYO, 788-0700.
AZA COUNCIL basketball
league play moves to Windsor
March 4. Games are: 8:30
a.m. — Herzl Heat vs.
Posen/Hart; 10:30 a.m. —
I2Chaim Matzo Balls vs. Rose
Rebels; 11:30 a.m. — L'Chaim
Jihad vs. Brandeis/Strauss;
12:30 p.m. — Rose Buds vs.
Kishon Astros.
ADVISER ASSOCIA-
TION monthly meeting 10
a.m. March 4 at the BBYO
Chapter Service Center.
MICHIGAN BBYO is
hosting the Young Leadership
Seminar 1:30 p.m. March 4 in
Room 333 of the West Bloom-
field JCC. The seminar is for
all new members who will not
be graduating from high
school in 1990. The focus is on
chapter leadership concepts
and leadership as fun. For in-
formation, contact Beth
Cousens, 353-1919; or Jason
Porth, 855-4432.

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