Internet Gold announces completion of Searchlight Transaction
Internet Gold - Golden Lines announced closing of the 'Searchlight Transaction' among the Company, B Communications, Searchlight II BZQ, L.P. and T.N.R. Investments Ltd. At the closing of the transaction, the Company sold its entire holdings in BComm for an aggregate amount of NIS225M, while at the same time the Company made an investment in BComm of NIS345M. In consideration, the Company received NIS310M par value of Series C debentures of BComm as well as 8,383,234 ordinary shares of BComm. As previously announced, the Company is not able to fully pay its debts, and the Company intends to initiate a creditors' arrangement which will 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 contemporaneously the creditors of the Company and the party or parties to a transaction of a purchase of the Company's shares as a 'shell company', if such transaction is completed, will receive, among else, 100% of the outstanding shares of the Company.