Tahal Turkey Project (from website)
Israeli global engineering and construction group Tahal, which was founded in 1842 to bring water to Israel’s local communities, is declaring bankruptcy with NIS 400 million ($118 million) in debt. Globes reported that Tahal is now asking for 60 days to formulate a settlement with its creditors, mostly Israeli banks.
Tahal had been looking for a buyer over the past few years while also attempting to restructure its debt. Fortissimo Capital was a onetime major suitor, but pulled out of talks after what was then described as an intensive examination of the company.
Owned by the Kardan Groups, Tahal has two main business units – TAHAL Assets B.V., for strategic investments, and TAHAL Group B.V., for project execution. TAHAL was established in 1952 with the aim of meeting Israel’s greatest challenge – transforming its arid, ancient lands into the fertile fields of the modern state, starting with the design of the National Water Carrier project to many other national infrastructure projects. Since that time, and following hundreds of successful projects in more than 50 countries, TAHAL has become a key player in water, sanitation and agricultural development.
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TAHAL boasts that it “uniquely delivers” integrated development projects in the water, wastewater, agriculture, solid waste and natural gas segments. Since its establishment in 1952, TAHAL has successfully implemented hundreds of projects for governments, municipalities, public organizations and private corporations in over 60 countries worldwide.
Tahal has been working on major infrastructure projects around the world. For example, the company worked with Russia’s Vodokanal signed an agreement for the planning, design and construction of a water treatment plant and pumping system in Yakutsk, a remote area of eastern Russia. The new plant will have a capacity of 115, 000 cubic meters per day.
TAHAL employs about 1,000 professionals specializing in varied civil engineering disciplines – such as hydraulic, environmental and construction engineering – and the fields of agriculture, agronomy, finance, systems analysis and project management, among others. TAHAL’s talented pool of experienced managers and creative engineers delivers tailored projects that address specific client needs.
