Nov. 20—Israeli real estate development and construction company Hanan Mor Group (TASE: HNMR) has filed in the Tel Aviv District Court for a stay-of-proceedings. The request reveals that the company has run up heavy debts of NIS 2.7 billion.
The company says that over the past year, and especially in recent months, external circumstances, global and domestic, have led to a perfect storm of stagnation in the real estate market, a toughening of credit and financing terms, political instability, a growing and deepening social rift, and war.
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