Alon Blue Square unit Mega Retail granted stay; trustees appointed

By Caroline Salls

Pittsburgh, Jan. 19 – Alon Blue Square Israel Ltd. subsidiary Mega Retail Ltd. obtained a 30-day initial stay of legal proceedings in connection with a voluntary request by Mega Retail for a stay of proceedings and appointment of trustee for its operations, according to an Alon Blue Square news release.

The stay was granted by the District Court in Lod, Israel.

The court also approved the appointment of Gabi Trabelsi, Ehud Gindes and Amir Bartov as trustees for the operation of Mega Retail.

The company said the trustees’ role is to manage Mega Retail in an attempt to restore and sell it, either as one unit or as groups of supermarket branches, with a view toward retaining work for Mega Retail employees, as well as examining the completion and execution, to the extent possible, of the Mega Retail arrangement.

In addition, Alon Blue Square said it is examining a number of offers to purchase its holdings in Blue Square Real Estate Ltd.

The company said it has not decided whether to sell its holdings in Blue Square Real Estate.

Based in Rosh Ha’Ayin, Israel, Alon Blue Square owns and operates supermarkets and specialty stores.

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