Autotech company REE reached Wall Street about five years ago at a $3.1 billion valuation but has since built up NIS 51 million in debt, been delisted from Nasdaq and cut its Israeli staff from 270 to 31. The Tel Aviv District Court has now approved a debt arrangement to keep it operating as a going concern. The plan includes $4 million in new investment, debt-to-equity conversions, repayment of tax authorities and employees, and about 21% for suppliers. Arrangement manager Adv. Ori Gaon manages the debt arrangement, with participation of Adv. Shay Lavon Gilad of S. Horowitz.
