Internet Gold derivative plaintiff wants separate creditor meeting

By Caroline Salls

Pittsburgh, Feb. 10 – Internet Gold – Golden Lines Ltd. announced Monday that a petition was filed with the Tel Aviv-Jaffa District Court for the plaintiff in derivative action Horev v. B. Communications Ltd. to hold a meeting of creditors separate from the one requested by Internet Gold.

According to a news release, the court ordered that Internet Gold and the trustee for its series C and series D debentures must submit their responses to the plaintiff’s motion by Feb. 17.

A Feb. 3 decision related to the requested meetings was suspended by the court.

As previously reported, Internet Gold is not able to fully pay its debts and expects that following submission of additional creditors’ arrangement, which will be submitted to the applicable Israeli court, the existing shares of the company will be nullified and/or materially diluted.

Internet Gold creditors and the party or parties to a transaction to purchase the company’s shares as a shell company, if that transaction is completed, will receive 100% of the outstanding shares.

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

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