The Israeli version of international porn magazine Playboy appears to be in trouble after falling into debt, losing its editor-in-chief and failing to publish its regular monthly issue for December.

The Hebrew-language magazine is trying instead to publish a December-January issue, but one has yet to emerge. In the past two months, the magazine has racked up debts to suppliers and its own employees, and the editor-in-chief, Neta Jakobovitz Keidar, left the magazine and was replaced by Avi Ganor.

Sources said the magazine had hit a cash crunch and was trying to raise additional funds from its investors in the United States or find additional investors.

“Playboy Israel plans to launch a double-issue magazine, as is done from time to time everywhere in the world, and that will head to print soon,” the magazine said in a statement, adding, “At the same time, the Playboy Israel website has been a success and, with the appearance online of electronic issues, the number of subscribers has risen to 20,000.”

The magazine added that Keidar had left the magazine and been replaced by Ganor months ago due to issues regarding her suitability for the job.

The magazine blamed its outstanding debts to suppliers and employees’ payment delays on the Christmas and New Year’s vacation overseas.

Playboy Israel was launched last March, reportedly raising $1 million from investors. The magazine includes naked photographs of Israeli celebrities alongside articles and interviews with leading Israeli figures, as well as articles from Playboy translated into Hebrew.

“Print isn’t really dead,” Playboy Israel CEO Daniel Pomerantz told TheMarker last year. He added that it would have a strong online and social media presence, to allow its audience to reach it in whatever way it chose.