Adv. Zvi Yochman, the trustee for cable company Tevel, said today, "The process cannot be continued for long without the consent of the creditor banks. Unless the shareholders agree on a recovery plan within 10 days, I will ask that the stay of proceedings be canceled."
Yochman today submitted to the Tel Aviv District Court a request for an extension in order to submit a recovery plan. Yochman had been given until tomorrow to submit a plan. Yochman has been outlining the plan for the past week, and will give the shareholders and the banks the details today.
According to Yochman's draft plan, a steering committee will be set up with representatives of the owners and the banks to accompany the process regarding current operations, such as the World Cup soccer broadcasts, high-speed Internet services, and so forth. Yochman confirmed that the proposal is also included in the draft agreement he reached with the Netcom group to enable Tevel to begin providing high-speed Internet.
Yochman said that according to his talks with representatives of United Pan-Europe Communications (UPC) (Nasdaq: UPCOY; AEX: UPC), which owns 46.5% of Tevel, UPC is considering Tevel from a purely business standpoint. The company has not decided in principle against injecting money into the company or against diluting its share if Discount Investment Corporation injects capital.
Published by Globes [online] - www.globes.co.il - on May 15, 2002