Ramat Gan’s Hadar D’Mall is a high-end option for persons seeking a mehadrin venue for a simcha. However, it appears Hadar D’Mall, which also operates City Tower in the Diamond Market complex in Ramat Gan are facing serious debt, to the tune of NIS 38 million.

The halls are particularly popular among chareidim seeking a high-end affair and high kashrus.

According to a Yediot Achronot report, last week, the Jerusalem District Court ordered attorney Gil Hirshman of Jerusalem as the temporary receiver following claims Hadar City Tower owes Bank Hapoalim over NIS 26 million.

Simultaneously, City A.K. Holdings and Hadar Berama approached the court seeking a stay-of-proceedings order and protection from creditors due to debts totaling NIS 38 million.

It is reported the debt is mounting and checks are being returned.

That said, revenues from companies from events totaled NIS 30 million in 2016. The companies claim that one of the reasons for the deteriorating situation is that they acquired the rights in Hadar City Tower event halls about 18 months ago, including the equipment and reputation and a lease agreement to operate Hadar D’Mall for NIS 60 million, of which NIS 26 million was funded by the bank. It is adding the holding company has a debt of NIS 32 million and Hadar Berama an additional NIS 6 million.

(YWN – Israel Desk, Jerusalem)