Fortissimo offers NIS 170m for Phoenicia Flat Glass

Date: 23 October 2012

On Tuesday, Phoenicia Flat Glass's court-appointed trustee Chen Berdichev will submit Fortissimo's offer to the company's creditors."It will be possible to return Phoenicia America-Israel (Flat Glass) Ltd. to profitability within 18 months," said a source close to Fortissimo Capital, which is bidding for the troubled company based in Upper Nazareth.

"If the business plan succeeds, it will be a great deal."

On Tuesday, Phoenicia Flat Glass's court-appointed trustee Chen Berdichev CPA will submit Fortissimo's offer to the company's creditors. Fortissimo is offering to buy the company from US glassmaker Guardian Industries Inc. for NIS 170 million, and to implement a strategic restructuring of the company with a focus on its value creating product lines and turning to new markets.

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