Media Industry
Industry: Email Alert RSS FeedIsraeli cable firm's woes could hinder merger.(Tevel)(Brief Article)
Screen Digest, May, 2002
UPC-backed Israeli cable operator Tevel has had to apply for creditor protection to allow it to execute a recovery plan and continue operations. Tevel approached Tel Aviv District Court for protection same day that country's anti-trust chief approved three-way merger of Tevel with cable operators Golden Channels and Matav. Tevel lost I[pound]854m ($181m) in 2001 and has debts of I[pound]3.075bn ($650m), prompting fears that its precarious financial position could put success of planned merger in jeopardy Tevel said it needed a four-month grace period to allow time to negotiate a rescue plan with banks. Court granted protection only until end June 2002.
UPC has a 46.5 per cent stake in Tevel. Remainder is owned by local partner Discount Investment Corporation....
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