Summer Camp Operator Files for Bankruptcy After Default on Israeli Bonds

Owners of Jewish camp network file for bankruptcy as summer season begins

Michael and David Shabsels, brothers who operate a network of 22 overnight camps and eight day camps across New York, Pennsylvania, New Jersey and Maine—including Camp Mesorah and Camp Achim—declared Chapter 11 bankruptcy on June 4, both personally and under their holding company, Simad Holdings Ltd.The cases were filed in the U.S. Bankruptcy Court for the District of New Jersey. Court filings show each brother holds a 50% stake in Simad.The deb…

Major Jewish summer camp operator goes bust

Thirty camps owned by Simad Holdings will open as planned this summer despite a bankruptcy court ruling

Summer Camp Operator Files for Bankruptcy After Default on Israeli Bonds

NEW YORK (VINnews) — A large network of summer camps serving thousands of children, including many Jewish and Orthodox Jewish families, has filed for bankruptcy after defaulting on debt owed to investors in Israel. Simad Holdings, controlled by brothers David and Michael Shabsels, sought Chapter 11 protection in New Jersey last week along with dozens […]

Jewish camp world rocked as major player in for-profit Jewish camping declares bankruptcy

A major player in Jewish American camping declared bankruptcy last week, a move that could affect thousands of Jewish campers just as the summer season is getting underway. New York-based real estate owners Michael and David Shabsels declared Chapter 11 bankruptcy in New Jersey last Thursday, both personally and under their umbrella group, Simad Holdings. Since declaring bankruptcy, the brothers and their firm have refused to speak to the press.…