Internet Gold sees Searchlight Transaction closing on November 21
Internet Gold announced, further to the company's report dated October 27 regarding B Communications Ltd.'s nnouncement of an updated anticipated schedule for closing of the Searchlight Transaction, that on November 1, 2019 BComm announced an additional update to the anticipated schedule for closing of the Searchlight Transaction. According to BComm's announcement, the updated expected date for the closing of the Searchlight Transaction is November 21. As previously announced, if the Searchlight Transaction is completed, the company will not be able to fully pay its debts, and the company intends to initiate a creditors' arrangement which would be submitted to the applicable Israeli court. The company anticipates that pursuant to such arrangement the existing shares of the company will be nullified and that the creditors of the company will receive, inter alia, 100% of the shares of the company.