ICSM Printing industry insolvency news: Landa on the brink of being rescued from collapse with a three-year plan to turn the Israeli firm around

By Harry Mottram: He was seen as the golden boy of the print industry by his fans – the man who would take printing to a new level with his nanography – but for his critics a flawed innovator. Now Benny Landa’s Israeli based firm LDP is on the brink of collapse with losses running at an eye-watering £900,000 a month.

Writing for the print industry’s trade publication Print Week journalist Jo Francis reported: “FIMI, Israel’s biggest private equity firm, is poised to rescue LDP if its proposals gain approval from the court and the firm’s creditors, with a key hearing set for 4 September.”

That’s assuming that LDP’s creditors agree to the deal which could be tricky since one of them reports Print Week that hardware developer Dagesh Group who are owed millions of dollars don’t object to Landa’s management being let off any legal claims for unpaid invoices.

Jo Francis reported on a bad tempered creditors meeting in which, ‘FIMI partner Gillon Beck revealed that LDP had made losses of around NIS500m (£110.7m) a year, the equivalent of more than £900,000 a month.’

Ian Carrotte of ICSM said the printing industry had kept an eye on Landa since the early days in the belief that its nanotechnology might prove to be a rival to standard digital presses. He said: “These types of losses are not sustainable so it will take a huge leap of faith and careful accounting to turn things around as FIMI’s Beck believes. Print Week report it will take three years before there is light at the end of the tunnel – but don’t hold your breath. Creditors always prefer to see a struggling company continue in business rather than go under – but they must be kept informed at all times, so they have confidence in the restructuring. Perhaps Landa will have the last laugh – let’s hope so.”

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