On May 25, the Tel Aviv District Court authorized a temporary trustee to begin soliciting bids for Scailium, formerly SQream, an Israeli software company, after it sought insolvency proceedings over debts of more than 13.6 million shekels (US$4.7 million).

Judge Hagai Brenner appointed attorney Evitar Kramer of Weksler Bergman & Co. as temporary trustee and approved his request to publish an invitation for bids to buy the company or its operations.

Kramer said there was an urgent need to start the sale process before completing checks on whether Scailium could continue operating as a going concern.

In its court filing, Scailium said it had accumulated losses of more than 300 million shekels (US$104 million), by 2023 and could not meet its current and future obligations.

Founded in 2010 as SQream, the company develops data processing and high-performance computing infrastructure for large-scale analytics and AI applications. It mainly operates in North America and South Korea.

Scailium also told the court that the war in Israel had made fundraising from foreign investors harder, and said it employs about 50 people.

🔗 Source: Calcalist