OpenWeb asks court to halt lender collections as rescue funding stalls
OpenWeb trustee Ehud Gindes says Liquidity Capital has collected $9.6M toward a roughly $20M debt, putting employees, suppliers and publisher partners at risk of delayed payments.
By RuntimeWire Staff · Published
Primary source: Ctech
Why it matters
OpenWeb's rescue depends on a court decision and conditional investor interest, not completed financing. The cash crunch puts staff and publisher partners at risk of delayed payments.
OpenWeb founder Nadav Shoval built OpenWeb around a simple publishing bet: news sites should own their relationships with readers instead of leaving conversation and audience data to social platforms. On October 13th, interim trustee Ehud Gindes asked a Tel Aviv court to halt lender collections as OpenWeb struggled to pay employees, suppliers and publisher partners. CTech reported that Liquidity Capital had collected about $9.6 million against a debt of roughly $20 million.…