Internet Gold is seeking court approval of creditor agreement

By Rebecca Melvin

New York, Feb. 4 – Internet Gold - Golden Lines Ltd. said it has petitioned the Tel Aviv-Jaffa District Court to convene meetings with its creditors and approve its creditor agreement plan.

Internet Gold is seeking approval of a plan that would distribute most of the company’s assets to the company’s creditors, settle legal proceedings pending against the company, exempt company directors, officers and external auditor from liability and appoint an external investigator to determine the cause of the company’s insolvency and handle potential legal claims.

As previously reported, the company was not able to fully pay its debts and the creditors’ arrangement proposes to nullify the existing shares of the company and transfer 100% of shares to the creditors.

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

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