Dutch co sues Landa Labs over 16m debt

Dutch firm Altana BV, owned by German billionaire Susanne Klatten has filed a lawsuit within the Central District Courtroom to open insolvency proceedings in opposition to serial entrepreneur Benny Landa tech growth firm Landa Labs.

That is yet one more firm owned by Landa mired in a authorized battle after printing firm Landa Digital Printing and synthetic diamond firm Lusix, which entered insolvency proceedings and have been offered.

Klatten, who inherited billions of euros from her dad and mom’ companies that held shares in Altana, an industrial merchandise and pharmaceutical firm, in addition to shares in automotive producer BMW, was one of many flagship buyers in Landa’s group of firms – the product growth firm Landa Labs and the digital printing firm that emerged from the labs. Landa Digital Printing, which was offered to FIMI, from which the collectors, together with Altana and Klatten, acquired a fee of solely NIS 74.5 million, out of money owed NIS 1.7 billion.

A mortgage of €16 million that has not been repaid

The present go well with revolves round a mortgage of €16 million that has not been repaid for greater than a 12 months because the deadline handed.

In accordance with Altana’s attorneys Advs. Man Ido, Etai Shani and Karen Reichbach-Segal of the Gornitzky legislation agency, Landa Labs despatched it a proposal to amend the mortgage settlement and admitted that it was in monetary difficulties and unable to repay the mortgage on time, whereas requesting an extension and a change in phrases, together with arranging a $10 million mortgage from Mizrahi Tefahot Financial institution. After Landa Labs’ request was accepted by the borrower, the financial institution determined to withdraw from the mortgage.

Landa Labs, not like the corporate offered to FIMI, Landa Digital Printing, is a know-how growth firm that nurtures firms that cut up off from the group as quickly because the product matures. The corporate employs about half of the workers within the Landa household’s group of firms and has to date produced three firms that have been offered for an general $500 million. The perfect-known of those is Colorite, which developed a scanner for figuring out hair coloration and a tiny printer for printing pigments, and was offered to L’Oreal.

On the identical time, Benny Landa, founding father of Indigo, additionally owns Landa Ventures, an funding fund that invests in firms through which he holds shares – akin to Highcon, which was offered. after a receivership course of, and the general public firm GenCell.