Not the first time there has been rumbles ed

Yuval Azulai and Ron Steinblatt

Sources inform ”Globes” that unmanned aerial vehicle (UAV) makerAeronautics Ltd. has not paid October salaries. In a notice to employees, Aeronautics founder and CEO Avi Leumi and chairman Eitan Bar-Eliahu said that the salaries would be paid soon.

The company has also fired another 30 employees, after firing 60 employees, a tenth of its workforce, in October. The company now has fewer than 600 employees at its premises in Yavne and Jerusalem.

Aeronautics is set to be taken over by private equity fund KCPS & Co. and Bereshit debt recycling fund, which last year invested over $35 million in the company through shares and convertible loans. Aeronautics is in breach of its financial covenants, due to its liquidity problems.

By Press