Heftsiba seeks bankruptcy protection

"Heftsiba real estate financial troubles seem to be a result of an obvious cash shortage," said Yuval Ben Zeev, an analyst at Clal Finance Batucha. "Also, there seems to be an element of possible fraud involved, as the company said that profits from their projects were much higher than they really were. But, I am not sure what the trigger was - they stopped delivering goods and couldn't complete projects, and then it was only a matter of time before their lender backed out."