Israel's Phoenicia Flat Glass facing financial crisis
"The government will find it difficult to help Phoenicia America-Israel (Flat Glass) Ltd. and save the plant from its crisis. This is aid on a scale that the government cannot commit to," a top Israeli government official told a Globes reporter, August 27.
According to the Globes article, Phoenicia Flat Glass' debts exceed NIS 320 million (about $79.6 million), which its management says is due to much higher fuel prices and the natural gas shortage. The company is Israel's sole producer of float and low-iron glass, as well as a provider of laminated safety glass, tempered glass, solar energy glass and mirrors, according to its website. It employs about 400 people, according to the Globes article.