Treasury agrees recovery plan with Israel Postal Company

• Published date: 20 September 2022
• Publication title: Globes (Rishon LeZion, Israel)

The agreement on the recovery plan was signed after long months of negotiations, and finds the company in a difficult financial position, with losses in the hundreds of millions of shekels annually and substantial cash flow challenges. The agreement involves the sale of part of the company's real estate to the state

Under the agreement with the employees, 1,050 employees will leave the company, hundreds of them within the next few months. The state will lend the company up to NIS 400 million to support its cash flow, and if necessary will provide up to NIS 180 million more. Hundreds of mailmen and mailwomen will become dispatch workers supporting the parcels...