April 22, 2018 / 1:52 PM / a month ago

Bezeq Telecom parent company Eurocom ordered to sell assets to pay debts

JERUSALEM, April 22 (Reuters) - An Israeli court on Sunday ordered the liquidation of debt-laden holding company Eurocom, whose assets include a controlling stake in the country’s largest telecom group, Bezeq.

The decision came after Eurocom, which owes about 1.3 billion shekels ($370 million) in debt, could not find a buyer or reach a restructuring agreement with lenders.

Following the court’s decision, Eurocom declined to comment.

Eurocom is owned by Shaul Elovitch, who faces criminal charges for fraud and other securities offences.

The liquidation order came after a number of banks petitioned the court and will take effect on May 3, according to an official court document.

Eurocom also controls satellite operator Spacecom.

$1 = 3.5269 shekels Reporting by Ari Rabinovitch Additional reporting by Steven Scheer Editing by Tova Cohen

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