Tel Aviv District Court Judge Eitan Orenstein today issued a liquidation order for the Eurocom Group. The order will take effect on May 3, as requested by the banks. The official temporary receiver was appointed as the temporary liquidator for Eurocom Communications, and the banks' lawyers were appointed as special managers for the company. The special managers will have to submit an initial report on the matter by the end of May.
Adv. Chagai Ulman, who represents the consortium of creditors in Eurocom Real Estate, headed by Mizrahi Tefahot Bank (TASE:MZTF), was made responsible for the assets attached in favor of the consortium - shares in the Midtown project and shares in Spacecom Satellite Communications Ltd. (TASE:SCC).
Adv. Ronen Matry, who represents Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ), to which Eurocom owes money for an advance paid in the framework of the sale of Yes, was appointed liquidator for Eurocom DBS. Matry will also have to submit a report on the liquidation by the end of May.
During the 10 days before the Eurocom Group liquidation order becomes effective, the banks will try to reach agreements with the consortium of Eurocom Real Estate's creditors, which holds a lien on the shares in Spacecom and Midtown, according to today's court hearing.
The hearing indicates that despite the bids made on Friday by the Saidoff group and the Neuman brothers to acquire Internet Gold Ltd. (Nasdaq: IGLD; TASE:IGLD), the banks prefer to continue the liquidation process for parent company Eurocom.
Published by Globes [online], Israel business news - www.globes-online.com - on April 22, 2018
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