Iconic Israeli olive oil manufacturer of 80 years goes into receivership

The Tel Aviv District Court has ruled that Tit Bit Food Industries, which manufactures the iconic Izhar olive oil brand, will go into receivership. The company owes NIS 170 million to seven banks. The petition for receivership revealed that the company’s financial difficulties date back a decade, and that in 2002 the banks and the firm agreed on terms for the repayment of the debt. In 2010, however, the company’s finances took a turn for the worse and it found itself unable to pay creditors.