As we have written since the beginning of the Landa insolvency proceedings on 29 June 2025 in the Israeli courts, and the court’s subsequent approval on 10 July 2025 of protection from creditors for another six weeks, we expect the company to have until the end of August to rapidly restructure and find an investor or a buyer. As Nessan Cleary dissected the ownership patterns, the company’s installation footprint, and its debt and liabilities, he also examined the potential buyers.
Cleary noted that print industry buyers, already possessing digital inkjet technology, appear interested in Landa primarily for select intellectual property. Researchers point out that the B1 digital press market is limited, especially given Landa’s high price and performance claims, with presses reportedly selling below production cost.
Calcalist’s August report highlights that HP and FIMI Opportunity Funds are now in advanced talks to acquire Landa. Although Nomura found initial interest from others, only HP and FIMI have proceeded to extensive due diligence.
According to news reports, both potential buyers have visited Landa’s headquarters in Rehovot and met with management. As our readers are well aware, HP acquired Landa’s Indigo in 2002 for a figure being cited as US$ 850 million. FIMI, an investment fund manager that reportedly manages billions of dollars of assets across more than 30 holdings, if successful, would be a newcomer to the printing sector.
Entire sector in trouble – Highcon and Kodak
It should be borne in mind that on 26 March 2025, another Israeli company in the print and packaging sector, Highcon Systems, announced that it had encountered significant cashflow difficulties due to a combination of external and economic factors. Orders totaling approximately US$ 10 million, which were in the final stages of approval, were postponed to later this year due to reasons beyond the company’s control that prevented it from securing necessary financing and meeting its financial obligations.
On 26 March 2025, following a resolution by the company’s board of directors, it decided to terminate the employment of the majority of its employees and consultants. Simultaneously, it was preparing to file a request for a stay of proceedings in order to formulate a debt arrangement outside of a formal insolvency order, pursuant to the Israeli Insolvency and Economic Rehabilitation Law. Highcon is traded on the Tel Aviv Stock Exchange, and its biggest investors are said to be Benny Landa’s Landa Ventures, HND Investments, and Nusha Holdings.
In addition, as Nessan Cleary reports in our pages, “Kodak has posted its results for the second quarter of 2025, complete with a warning of ‘substantial doubt about Kodak’s ability to continue as a going concern,’ prompting a fresh round of obituaries for the 133-year-old company.
“This is because Kodak has around US$ 600 million worth of debt coming due within 12 months and does not yet have any financing plan in place to meet that debt, forcing the company to issue this warning under American Generally Accepted Accounting Practices.
“More accurately, Kodak does have a plan – making changes to its pension plan – but does not yet know if this will cover the shortfall. The debt consists of US$ 99 million of Series B Preferred Stock, US$ 477 million in Term Loans, and US$ 24 million in letters of credit.”
