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Bill to Aid Firms That Loaned Money to Government After 1973 War

The government submitted a bill to the Knesset today that would enable companies in difficult financial straits to recover the money they voluntarily loaned the government after the Yom Kippur War. The measurer is intended specifically to aid Maritime Fruit Carriers, Ltd., once Israel’s most successful privately-owned shipping firm, now on the verge of bankruptcy.

Maritime Fruit, founded in the 1960s by Yaacov Meridor and Mila Brenner, underwent reorganization earlier this year. It had prospered from the operation of refrigerated ships in world-wide trade but subsequently suffered severe losses after expanding into the tanker field. The government-sponsored bill will have its first reading next week. If approved, any Israeli company that can prove financial reverses would be able to redeem its “voluntary war loan.”

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