Crunch week for Landa Digital Printing

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 tomorrow (4 September). 

Israel-based media outlet Ctech by Calcalist has reported that most of LDP creditors have approved the deal, following a lengthy and at times heated meeting held at the end of last week.

During the meeting Ctech said 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.

The cumulative losses were about NIS6bn, the report said.

Ctech said that an attorney representing creditors including Dagesh Group – an Israeli hardware developer that makes assemblies used in digital printing systems and that is owed NIS25m – had objected to an addendum that included a release from legal claims for LDP management.

FIMI’s Beck believes it will take three years to turn LDP around, and pointed to the benefits of keeping employment, tech know-how and patents in Israel.

Critical suppliers that LDP relies on will also be prioritised under its plans.

The LDP presses use a Komori chassis, Fujifilm inkjet printheads and a Fiery frontend.

Landa Digital Printing was founded by digital printing pioneer Benny Landa and first showcased its plans for an ambitious range of Nanography presses back at Drupa 2012.

Landa subsequently had to go back to the drawing board, and ended up focusing on B1 sheetfed, with the first beta press eventually shipping five years later. 

There are currently around 50 presses installed worldwide.