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January 6, 2014
05:53 EDTCELCellcom Israel announces court's final decision re
Cellcom Israel announced that, following its previous report in relation to the Israeli court's approval of a creditors' arrangement for IDB Holding, or IDBH, the court's decision has come into force and the condition precedent regarding certain disclosure matters about the Elzstain - Extra group has been met. As a result of the creditors' arrangement, IDB Development, or IDBD, will be controlled by the Elzstain - Extra group, led by Eduardo Elzstain and Mordechai Ben Moshe. The court's ruling includes provisions for the interim period until the closing of the creditors' arrangement, including: the appointment of trustees in IDBH to carry out the execution of the creditors' arrangement and the termination of office of the directors currently serving on IDBH board, and of the directors serving on IDBD's board on behalf of IDBH.
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