Publisher Shlomo Ben-Tzvi has petitioned for a stay of proceedings.
The publisher of Hebrew daily "Ma'ariv", Shlomo Ben-Tzvi, today petitioned the Jerusalem District Court for a stay of proceedings and the appointment of a trustee to manage the company. He will reportedly ask for structural separation for his other newspaper, "Makor Rishon", and to manage it personally with the court's approval. Ben-Tzvi will today convene the employees to update them that the company has not met its targets.
Sources at "Ma'ariv" say that Ben-Tzvi does not intend to relenquish responsibility for the newspaper, and that he wants to implement a recovery plan together with the trustee who will be appointed. This will include switching the newspaper's daily edition to a format that has already proven itself in the past few months, as a mass circulation evening paper. The Friday edition and the newspaper's supplements will be consolidated with the supplements of "Makor Rishon", while cutting costs of the joint editorial staff.
"Ma'ariv" has faced cash flow problems in recent months, and is struggling to pay salaries. "Ma'ariv" CEO Israel Goldstein recently announced his resignation, apparently over plans to make more cutbacks. Ben-Tzvi will convene the newspaper's employees to update them on the developments.
Published by Globes [online], Israel business news - www.globes-online.com - on March 5, 2014
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