Urdan throws hat into Feuchtwanger ring

Urdan (TASE:URDN) is looking at acquiring the troubled Feuchtwanger Industries group, TheMarker has learned.

Urdan, a member of the Shrem, Fudim Kelner group, is in good company. Housing & Construction and a group of investors headed by accountant Avi Toledano are also looking at Feuchtwanger Industries, which is a member of the crumbling Peled-Givony group.

Feuchtwanger Industries' real estate projects would be synergetic with Urdan's, carried out through Ytong.

An Israeli court yesterday granted an injunction suspending legal proceedings against the Feuchtwanger Industries group for 34 days. During that time Feuchtwanger Industries is supposed to present a plan for its rehabilitation.

Its trustee has been empowered to negotiate for relief with its creditors, including the banks. The company will also need interim financing to weather its bad patch.

Feuchtwanger Industries stumbled into crisis as the whole Peled-Givony group sank to its knees at the end of July, leading most of its creditors to press for immediate satisfaction. The Feuchtwanger Industries group employs 850 people.

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