Internet Gold creditors OK settlement agreements; petition submitted

By Sarah Lizee

Olympia, Wash., Jan. 21 – Internet Gold - Golden Lines Ltd. said its creditors unanimously approved settlement agreements with Oppenheimer & Co. Inc. and Migdal Underwriting and Business Initiatives Ltd. at a meeting held Sunday.

Following the unanimous approval, the company submitted on Tuesday to the Tel Aviv-Jaffa District Court a petition requesting the court to approve the arrangement regarding the settlement agreements, according to a press release.

As previously announced, the company is not able to fully pay its debts and intends to initiate a creditors’ arrangement which will be submitted to the applicable Israeli court.

The company anticipates that under the arrangement, the existing shares of the company will be nullified and that at the same time the creditors of the company and the party or parties to a transaction of a purchase of the company's shares as a shell company, if the transaction is completed, will receive 100% of the outstanding shares of the company.

Internet Gold is a telephone and internet provider based in Ramat Gan, Israel.

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