Israeli LGD Producer Lusix' Woes Continue

According to news reports, Israeli lab-grown producer Lusix is seeking a protection from creditors through a debt settlement, with debts to three Israeli banks amounting to US$15m, following unsuccesful attempts to raise additional funding from existing investors. Led by entrepreneur Benny Landa, Lusix is said to initially have raised US$150m, including US$60m from the Landa Group and US$90m from other investors, led by luxury giant LVMH, but the company got in trouble as LGD prices collapsed by more than 90% in recent months. 

Photo Credit: Lusix