Newsletter
The Lod District Court approved a debt settlement for the rehabilitation of Marathon 018 Expon Ltd. – a corporation for the provision of cellular services and with licenses for the provision of radio and mobile phone services and a frequency band, which enable the provision of cellular service in 4th generation technology under the “we4G” brand.
The debt arrangement includes the entry of a new controlling shareholder into the company, who will transfer NIS 100 million to the company, which will be used to execute the debt arrangement and constitute the source of repayment to creditors (NIS 65 million), as well as the company’s continued activity as a network operator.
The debt arrangement is formed after almost 4 months of intensive contacts with various bidders, which included a company owned by the Clirmac and Yariv Lerner Foundation, Golan Telecom, Partner, Vidley Mobile and a company owned by Moti Ben Moshe and after four rounds of creditors’ meetings, at the end of which the arrangement was approved by the creditors By an overwhelming majority (99.8%). The court even praised the action of the director of the settlement for “making every effort and turning every stone in order to bring the parties to agreements” and involvement that contributed to the formation of the debt settlement.
The debt settlement was formulated under the leadership of Adv. Amit Lederman, who served as the settlement director and attorneys Idan Miller and Faris Jbely from our firm’s Insolvency Department.
For the full coverage:
