Sapir Corp files for insolvency, sells Nomo Soho hotel

Alex Sapir’s Sapir Corp has filed for insolvency, saying it can no longer meet its bond payments or cover operating costs. The Israeli company that owns the Nomo Soho hotel in Manhattan filed a petition in Tel Aviv-Jaffa District Court requesting to open insolvency proceedings and the appointment of a trustee to manage it. All the directors of the company have resigned, according to a filing with the Tel Aviv Stock Exchange, which names Alex Sapir as the controlling shareholder. As the company faces collapse, Sapir has lined up a buyer for its troubled Soho hotel. Israeli hotel chain Dan […] This article originally appeared on The Real Deal. Click here to read the full story.