Israeli Synthetic Diamond Company Faces Insolvency

Lusix, the synthetic diamond company founded by Benny Landa, is on the brink of filing for insolvency. The company has informed its creditors of its intention to do so, though the timing remains uncertain, YNetNews.com reported. Sources have told Calcalist that Lusix informed its shareholders last week that it urgently needs to raise $15 million to continue operations. Without this capital infusion, the company will likely become insolvent. Although some investors have considered providing additional funds, it is not believed that this has materialized.
Israel
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South Africa-Founded Defense Firm Puts Units in Bankruptcy

Defense company Paramount filed for bankruptcy in the U.S. after suffering defeat in a long-running business dispute, Bloomberg reported. The United Arab Emirates-based company, founded by Ivor Ichikowitz in South Africa, filed for chapter 11 Thursday in Delaware. It listed assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million in its bankruptcy petition.

United Arab Emirates
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Kuwait’s Home Delivery Firms Warn of Bankruptcy as New Rules Take Effect

The owners of consumer delivery companies are worried about going bankrupt and falling into more debt due to the ill-considered decisions of some government agencies and the false information that some officials provide to the concerned ministers, the Arab Times Online reported. In a meeting held Saturday, the owners called for a thorough review of the decisions and circulars issued recently, which have negatively affected their commercial activity.

Kuwait
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