WORLD : Israeli Industrial Giant Falters
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TEL AVIV — Israel’s troubled Koor Industries conglomerate has reported new, unforeseen losses and asked creditor banks to write off another $125 million in debt, a senior company official said today.
He said a five-year recovery plan presented to Israeli banks this week forecast that the trade union-owned concern would lose $164 million this year despite an operating profit of $45 million. The electrical goods and defense subsidiary Tadiran, due to be sold off soon, was responsible for $67 million of this year’s loss.
Koor, Israel’s biggest industrial employer, produces everything from electronics and metals to food. It owes Israeli and foreign banks a total of nearly $900 million.
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