The move comes after the owners, brothers Michael and David Shabsels, were reported to have emptied the company of its cash.
After disclosing that its owners had emptied its cash reserves, US summer camps company Simad Holdings (TASE: SIMD) reported on Friday that it had filed for chapter 11 protection in New Jersey against its creditors.
The company is owned by brothers Michael and David Shabsels. Last December, it raised NIS 620 million in a bond offering in Tel Aviv from a group of financial institutions headed by More investment House and Meitav. It has now revealed that the owners owe $100 million in personal loans. It added that it appeared that they had given the…