Benny Landa’s dream of synthetic diamonds success is nearing its end, about eight years after it began. Lusix, which produces rough laboratory diamonds, has requested a stay of proceedings under Section 4 of the new Insolvency Law—a move designed to provide temporary protection from creditors while attempting to consolidate a debt arrangement and set the company on a new path through a merger with another Israeli company. Lusix is represented in the proceedings by attorney David Hahn, the former Guardian General and the Official Receiver of Israel.
Lusix submitted the request to the court after it urgently appealed to its shareholders last week, asking them to transfer $22 million so it could continue operating. The company clarified…
