Kibbutz Sdot Yam: From bankruptcy to Nasdaq

16.06.2011                      14.Siwan, 5771 

Erfolgsgeschichte:

Kibbutz Sdot Yam: From bankruptcy to Nasdaq

Bad management and a gamble on untried technology nearly killed it, yet like a phoenix, it rose from ashes.

"The first thing I noticed was that the kibbutz was living beyond its means," recalls Gili Amir of his first days as kibbutz secretary of Sdot Yam at the beginning of 1988. "Talking to the treasurer I found out the kibbutz was actually bankrupt. The only way he could provide for its 700 residents was by taking extortionate gray market loans."
A probe by the kibbutz movement confirmed what had long been swept under the rug: Sdot Yam was drowning in debt and couldn't meet its obligations. The kibbutz members were stunned….